The FINANCIAL — The European Communities’ economic performance was generally good in 2006-07, although it weakened significantly from the second half of 2008 due to the global financial and economic crisis.
A robust recovery and sustained economic growth in the European Communities will hinge on it continuing to undertake key structural reforms, according to the WTO Secretariat report on the trade policies and practices of the European Communities.
These include further liberalization of services, both at the intra-EC level and vis-à-vis third countries, and of its agricultural policies through the simplification of its tariff structure and the reduction of its high tariff rates on, and incentives to the production and export of, agricultural products. Such reforms would also contribute to the improvement of the EC’s resource allocation and advance the full establishment of its internal market.
The report also notes that the European Communities, as the world’s leading exporter and the second-largest importer of goods, is expected to continue contributing to making trade play a key role in shortening and reversing the current global economic slowdown.
The report, along with a policy statement by the European Communities, will be the basis for the ninth Trade Policy Review (TPR) of the European Communities by the Trade Policy Review Body of the WTO on 6 and 8 April 2009.
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