EU Trade Agreements to Boost GDP and Welfare, But Non-Tariff Barriers Must Be Addressed
The European Union’s recent trade agreements with Canada, Japan, and Vietnam are expected to have a small but positive impact on the EU’s GDP and welfare, according to a new study. However, the full benefits of these agreements will only be realized if non-tariff barriers (NTBs) in both goods and services trade are significantly reduced.
Tariffs Alone Not Enough
The study, conducted by a team of experts from leading research institutions, found that while tariff liberalization is an important step towards increasing trade, it alone is not enough to generate substantial economic gains. NTBs, such as regulatory hurdles and bureaucratic red tape, must be addressed in order to unlock the full potential of these agreements.
Sectoral Impact
In terms of sectoral impact, the study predicts that EU producers will see tiny gains from these agreements, with neither large benefits nor losses anticipated. However, the environmental implications of these agreements could have significant consequences, particularly in areas such as land use and deforestation.
Combating Money Laundering: A Complex Task
In related news, a recent report by the European Anti-Money Laundering Forum highlighted the complexities involved in combating money laundering in countries like Albania. The report emphasized the need for a differentiated EU approach to anti-money laundering policies, taking into account the varying levels of development and capacity among Member States.
Institutional Cooperation
In Albania, several institutions are responsible for monitoring and supervising illegal activities related to money laundering and terrorism financing. These include:
- Albanian Financial Intelligence Unit
- Bank of Albania
- Coordination Committee for the Fight against Money Laundering
- Albanian State Police
- General Prosecutor’s Office
Challenges Ahead
The report noted that while these institutions have made progress in combating money laundering, more needs to be done to address the complex nature of this crime. The EU has a crucial role to play in supporting Albania’s efforts to strengthen its anti-money laundering framework and improve cooperation between law enforcement agencies.
Overall, it is clear that addressing non-tariff barriers and combating money laundering will require a concerted effort from all parties involved.