European Parliament Role in Trade Agreements
The European Parliament plays a crucial role in trade agreements, negotiating and approving deals that have a significant impact on the economy of the European Union (EU) and its member states. In this article, we will delve deeper into the role of the European Parliament in trade agreements and highlight some of the recent deals it has negotiated.
Trade agreements are essential to the EU`s economy, as they create jobs, bring new investment into the EU market and improve access to foreign markets for EU goods and services. The European Parliament, as the only directly elected institution in the EU, has an important role to play in ensuring that these agreements are negotiated and concluded in the best interests of European citizens.
The European Parliament`s role in trade agreements begins with its involvement in the negotiation process. The Parliament is fully informed throughout the negotiation process and has the power to scrutinize and make suggestions for the agreement. Once the agreement is finalized, it must be approved by the European Parliament before it can come into effect. This approval process involves several stages of review, including committee evaluations and votes in plenary sessions.
One example of a trade agreement that has undergone this process is the EU-Canada Comprehensive Economic and Trade Agreement (CETA). The CETA negotiations took seven years and involved extensive consultation with stakeholders and civil society. The European Parliament played a significant role in ensuring that the final agreement contained strong labor and environmental protections, and that it included a dispute resolution mechanism that is transparent and accountable.
The EU also recently concluded negotiations on the EU-Japan Economic Partnership Agreement, which will eliminate tariffs on a wide range of products between the two partners. The agreement includes provisions to protect workers` rights and the environment, and to promote sustainable development.
The European Parliament`s role in these agreements is not limited to the negotiation and approval process. Once a trade agreement is in force, the Parliament continues to monitor its implementation and assess its impact on the EU and its citizens. In some cases, the Parliament can even call for renegotiation if it believes that the agreement is not being implemented in a way that benefits the EU and its citizens.
In conclusion, the European Parliament plays a critical role in negotiating, approving, and monitoring trade agreements that have a significant impact on the EU economy. The Parliament ensures that these agreements are in the best interests of EU citizens by scrutinizing and making suggestions during the negotiation process, approving the final agreement, and monitoring its implementation. With the ongoing globalization of trade, the European Parliament`s role in trade agreements will only become more important in the years to come.
