WTO deal boosts world economy – EUbusiness Week newsletter 775 – EUbusiness.com

EUbusiness Week 775 top stories: Germany can do more to help eurozone, says EU; U.S. supports a united Europe: Pence; EU tightens screw on corporate tax dodgers; EU set to clamp down on online scams; Record high for EU agri-food exports in 2016; Protected status for Welsh coracle-caught salmon

Publisher’s Note

There was a welcome boost to the world economy this week as the WTO Agreement on Trade Facilitation (TFA) entered into force. By simplifying and harmonising customs procedures worldwide, the TFA is estimated to boost global trade by up to 1 trillion Euro annually – a bigger impact than elimination of all existing tariffs worldwide.

According to EuroCommerce, the agreement will hugely benefit European wholesalers and retailers, who depend on global value chains. Good news also for developing countries, whose exports will be able to pass customs more quickly and cheaply.
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Regards,

Nick Prag
Publisher, EUbusiness

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1. Germany can do more to help eurozone, says EU

With its persistently high current account surplus, Germany could do more to help the eurozone economy, the European Commission said Wednesday in its annual analysis of EU Member States’ economies.
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2. U.S. supports a united Europe: Pence

On his first foreign trip since taking office in January, United States vice president Mike Pence said Monday that the U.S. administration’s commitment to a united Europe was “steadfast and enduring”.
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3. EU tightens screw on corporate tax dodgers

The EU continues its fight to close tax avoidance loopholes, as finance ministers agreed their position on rules to close down ‘hybrid mismatches’ with the tax systems of third countries.
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4. EU set to clamp down on online scams

EU ministers agreed Monday a general approach to strengthen cooperation between national authorities responsible for the enforcement of consumer protection laws in the digital age.
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5. Record high for EU agri-food exports in 2016

The EU had an agri-food trade surplus of EUR 18.8 billion in 2016, according to a Commission report, with the annual value of agri-food exports reaching a new record level at EUR 130.7 billion.
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6. Protected status for Welsh coracle-caught salmon

Salmon caught using the ancient Welsh traditional method of coracle fishing was awarded protected EU status Tuesday when it was added to the EU’s quality register of Protected Geographical Indication.
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EUROPEAN LAW

Austria debt: Austria will have to pay a fine of EUR 29.8m, as a Commission investigation found that serious negligence led to misrepresentation in statistical notifications of Austria’s deficit and debt data to Eurostat.
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Latest news from the European Court of Justice
EU law firms
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Inside the EU Institutions

Council Watch

Macroeconomic dialogue with the social partners – Council sets its priorities for the 2018 EU budget – Council agrees its position on hybrid mismatches – Consumer protection in the digital age
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Commission Watch

European Semester 2017: Winter Package – 2017 country reports – Foreign language learning stats – probe into statistical reporting in Salzburg – January 2017 annual inflation – EUR 82m emergency aid for South Sudan – EUR 18m humanitarian aid for Ukraine – Energy consumption in 2015
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Parliament Watch

Israel-Palestine: MEPs express their concerns about peace process – Pesticides: MEPs want to promote use of natural alternatives – Ceta: “This deal is important for Europe geopolitically as well as economically” – Winter challenge: how many European capitals can you recognise?
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EU diary

27 Feb-2 Mar: European Parliament Committee Meetings
27 Feb: Transport, Telecommunications & Energy Council
28 Feb: Environment Council
28 Feb: European Industry Day
1-2 Mar: OLAF conference: evaluation of regulation 883/2013
1-2 Mar: European Parliament Plenary Session
2 Mar: Supporting innovation in Bulgaria
3 Mar: Employment, Social, Health, Consumer Affairs Council
The Week Ahead
Long-term diary