Brussels confirmed an agreement which will enable countries in North Africa, the Middle East and the Balkans to export goods to the EU at lower tariffs, in order to provide incentives for bilateral trade.
EU presidency representative said, “This will help their economies to grow faster, thus contributing to the stability of the whole region and easing migration pressures”.
In order to benefit from the tariffs, exporters have to prove there is at least a certain level of value added generated from importing resources and producing domestically before exporting to the EU. The favored countries are Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Syria, Tunisia, Turkey, as well as the Palestinian West Bank and Gaza Strip.
Due to this agreement, these states will still be able to benefit from these lower custom duties, even when obtaining raw materials from other countries for export production.
The total trade value between the Middle East, North Africa, the Balkans and the EU accounts to approximately EUR 140 billion.