regarding the Comprehensive Economic and
Trade Agreement (CETA) have reached a tentative
agreement and we hope to conclude it fairly soon.
CETA is expected to boost trade by 23% and is the
first free trade agreement between the EU and a
G8 member country. Among other provisions, it will
eliminate tariffs on industrial and agricultural prod-
ucts and designate 145 European products as
being of Protected Geographical Indications (PGI),
including 16 from Greece.
Equally important is the Transatlantic Trade and
Investment Partnership (TTIP) with the US, which
has been mentioned explicitly as part of the EU
Compact for Growth and Jobs. Currently the sec-
ond round of negotiations is underway. Our goal is
to push for the reduction or even abolishment of
non-tariff barriers and measures (NTBs and
NTMs). Greece is advocating the widest possible
application of the said partnership, in order to
strengthen investment and trade.
With China, we are moving towards the initiation of
the negotiations for an investment agreement and
to conclude an ambitious agreement on Protected
Geographical Indications. Both are extremely
important for Greece and are expected to strength-
en our trade links even further. For Greece it is of
vital importance to promote an agreement on
tourism and related services, which is expected to
be particularly beneficial to our tourism industry as
a whole.
The simplification of the business environment and
the adoption of measures that reduce bureaucratic
red tape and administrative burdens for business-
es is a
sine qua non
condition for jump-starting the
European economy. To accomplish this task, the
EU is promoting the principle of smart regulation
whose aim is to update the whole of the existing
European acquis. Member states are expected to
reduce the administrative burden in national law by
25% until 2018 following the successful implemen-
tation of a similar scheme in the acquis commu-
nautaire, which was completed in 2012.
Furthermore, the EU is also implementing the
Regulatory Fitness Test (REFIT), whose aim is to
screen the EU regulatory framework in order to
identify barriers, omissions and ineffective legal
provisions. The Digital Market is a potentially prom-
ising area of growth for European businesses.
Unfortunately, today the EU lacks a common mar-
ket in this field and efforts remain fragmented at the
national level. This is a disappointing state of
affairs, given the fact that it is estimated that the
digital economy has the potential to create 2.6 new
jobs for each job lost in the off-line market.
Therefore its importance is more than obvious and
we need to move fast.
The crisis has forced us to reconsider previous
practices and norms. In the process, old realities
and conventions have been casted aside, while a
new reality is emerging. The Greek presidency will
work towards the transformation of the EU into a
more inclusive Union, where Europeans will be
able to prosper while feeling secure.
Trade with Greece
37
