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Fri, 01 Mar, 2013 02:29:18 AM
FTimes-STT Report, March 1

Minister for European Affairs and Foreign Trade Alexander Stubb  on Thursday  told the parliament  that the trade policy of the European Union is being shifted to a new form to bringing pace in the economy as per the demand of the reality of present time.

Terming the world trade liberalization as an important issue at this moment, the minister said that the multilateral negotiations failed to bring positive results for the economy as per the expectation.

He said that the EU realized the changed situation and now finding out the way of bilateral trade.

Since the Doha round  failed to bring fruitful solution, new way is needed to make the free trade economy and the EU countries finally moved to take policy on bilateral negotiations, expected to begin in the summer, said Stubb.

He added that the EU initiative would reach to a broad trade agreement with United states and the group 21.

Emphasizing to the liberalization, economic growth and creating job market, he said that all calculations go in favor of the open market policy.

Stubb also said that the new free agreement would increase the Gross Domestic Product of the EU about 250 billion, which is 2 percent hike of GDP and create about 2 million job.

EU has completed already five agreemenst,of which the negotiation with South Koria is the considerable progress in the roadmap.

Moreover, the Free Trade Agreement (FTA) will be signed with the Canada, Japan, Vietnam, India and Malaysia. The negotiation with Japan is a final stage and to be finalized by spring.

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