By Reuters
BRUSSELS: The European Commission plans to open European Union markets fully to Palestinian exports in the coming months to help strengthen the Palestinian economy, the EU trade chief said on Thursday.
The 27-country bloc has an agreement with the Palestinian Authority that allows Palestinian industrial goods duty-free access to the EU, and requires the Palestinian territories to phase out tariffs on EU exports over five years.
The EU decision to accelerate bilateral trade was announced after a meeting between EU Trade Commissioner Karel De Gucht and Palestinian Economy Minister Hasan Abu-Libdeh.
"The European Commission is expected to propose granting duty-free, quota-free access for Palestinian exports to the EU in the coming months. It would help to revamp the private sector," De Gucht said in a statement.
Palestinian trade with the EU was worth 71 million euros ($85.5 million) in 2008, less than a fifth of the EU's aid program for the territories that year, making the Palestinian Authority the bloc's smallest trading partner.
