One study showed that eu trade agreements implemented during the 1993-2013 period “reduced quality-adjusted prices by almost 7%.”  The EU has trade agreements with these countries/regions, but both sides are now negotiating an update. Other areas that can be used for a comprehensive and comprehensive free trade agreement are investment protection, regulatory transparency, public procurement, labour rules and corporate governance requirements, as well as competitive conditions that promote fair competition and the limitation of state aid, subsidies and other potential forms of trade distortion. According to the European Commission, the MIC would replace the bilateral investment justice systems that participate in EU trade and investment agreements. Trade agreements differ according to their content: we have published as part of the Official Information Act (OIA) a series of text proposals presented so far by New Zealand in the negotiations on the EU-New Zealand Free Trade Agreement (EU-NZ Free Trade Agreement). A week of negotiations began on April 20 with a video conference. Issues to be addressed included future trade relations, security policy, trade rules and the controversial issue of fishing rights.  In informing reporters at the end of the week, Mr. Barnier expressed his disappointment and frustration at the lack of progress.  In a commentary to The Guardian, “a British spokesperson openly questioned the value of the agreement offered by Brussels in relation to a non-agreement result.”  According to The Guardian, “both parties to the discussions realized that there is little chance of reaching agreement on the most controversial issues without a major setback.”  The Financial Times called the week`s negotiations a “service […] that the UK and the EU are trying to negotiate fundamentally different projects.  On 11 September, the Minister of Trade announced that the United Kingdom had entered into a free trade agreement with Japan, the Comprehensive Economic Partnership Agreement between the United Kingdom and Japan. This is the first major agreement to enter into force at the end of the transition period. In addition to duty-free trade of 99% of exports to Japan, British companies will benefit from more liberal rules of origin for certain products, new digital and data rules, enhanced intellectual property protection and increased market access for British financial services. In the final phase, after the European Parliament has given its compliant opinion, the Council adopts the decision on the conclusion of the agreement. In June 2018, the European Council stressed the need to maintain and deepen the rules-based multilateral system, amid growing trade tensions around the world.
Meanwhile, the ninth round of negotiations (started at the end of September) ended on 2 October with no tangible progress. In a public statement, Barnier said there was “continued convergence in trade in goods, services and investment, civil nuclear cooperation and participation in EU programmes”; “new positive developments on issues such as aviation security, social security coordination and respect for fundamental rights and individual freedoms”; “the lack of progress on some important issues, such as data protection, climate change commitments or carbon pricing.”  However, there have been “serious persistent divergences on issues of great importance to the European Union,” including “strong long-term guarantees of open and fair competition,” “strong dispute control and settlement mechanisms and effective remedial measures” and “a stable, sustainable and long-term fisheries agreement.”  In last week`s trade truths, we set out the fundamental principles of WTO law and the importance of trade to WTO conditions for the goods and services sectors.