Euratex
(Source: dfv media group)
Euratex has praised the unanimous approval of the refreshed rules of origin under the PanEuroMed (PEM) agreement. This is being hailed as a significant step in encouraging trade and investments in the PEM region, which encompasses 27 EU countries and 24 neighboring nations. The region reportedly accounted for trade worth €677 billion in 2023, with the EU textile and clothing industry making up 35% exports and 21% imports in the region.
The new rules arrived 10 years after the European Commission's decision package designed to enhance trade between the European Union and surrounding nations in the PanEuroMed region. The newly introduced regulations include the removal of duty-drawback prohibition and the inception of the "full cumulation" principle.
The conclusion of these modifications follows a decade of intense negotiations, strongly backed by European Apparel and Textile Confederation (Euratex), Brussels/Belgium. This milestone is expected to catalyze the PanEuroMed area's prospects as the leading region for advanced manufacturing and trading of sustainable apparel and textiles. The contemporary rules will fast-track the assimilation of the textile and clothing supply chains and stimulate production and trade within the region.
Euratex is prepared to enter dialogues with companies from the PanEuroMed countries to assist the transition to the new framework, according to Director-General Dirk Vantyghem.
The new rules arrived 10 years after the European Commission's decision package designed to enhance trade between the European Union and surrounding nations in the PanEuroMed region. The newly introduced regulations include the removal of duty-drawback prohibition and the inception of the "full cumulation" principle.
The conclusion of these modifications follows a decade of intense negotiations, strongly backed by European Apparel and Textile Confederation (Euratex), Brussels/Belgium. This milestone is expected to catalyze the PanEuroMed area's prospects as the leading region for advanced manufacturing and trading of sustainable apparel and textiles. The contemporary rules will fast-track the assimilation of the textile and clothing supply chains and stimulate production and trade within the region.
»This is a strategic trade deal that can help European companies recover from the multiple crisis which we face since 2020. We call on the European Union to not stop here, but keep up the efforts to secure trade deals that are good for European companies and their competitive position in the world.«
Notably, Euratex represents the European textile and clothing industry, advocating for an advantageous environment within the EU for the growth and commerce of textile products. The industry is a significant component of the economy across multiple EU regions, employing approximately 1.3 million workers in nearly 192,000 companies.
