Abstract
Asia is Europe’s largest trading partner and EU-Asia trade relations have undergone a rapid change since the global financial crisis. On a global scale, the new multilateral trade agreements such as the now stalled Trans-Pacific Partnership (TPP) involving European Unions’ (EU) major trading partners such as Japan, Singapore and Vietnam also have the potential to change the trade equations. In this paper, we evaluate the new EU trade policy which has been designed to ensure that the EU benefits from the changing global trade scenario and also look at the steps which have been taken by the EU to promote trade relations with its major trading partners in Asia in the predicted ‘Asian century’. We look into the Free Trade Agreements, which are being negotiated with its Asian partners and seek to understand the reasons which have resulted in delays in their signing and negotiations. We evaluate new policies pushed forward by its Asian partners such as the One Belt One Road policy by China and Japan’s policy of securing a large number of trading agreements in the America. Moving ahead, we also shed light on the indirect factors that may influence the success of EU trade negotiations in Asia such as the EU policy on granting China market economy status and the commencement of the ‘Brexit’ process. Lastly, we try to present a list of immediate priorities for EU in Asia, which will ensure that it secures a toehold in trade with the region. All in all, it is shown that the EU has not one and the same approach for all Asian countries but it negotiates flexibly and individually country by country. Because of this “country by country approach” the EU is also not ready to enter into general EU-ASEAN trade negotiations again.
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Notes
For a detailed discussion on the EU competence for trade agreements and the need for mixed agreements, please see Bungenberg (2010).
See Para 1 of Opinion 2/15 of the Full Court, Opinion pursuant to Article 218(11) TFEU — Free Trade Agreement between the European Union and the Republic of Singapore, 16 May 2017, ECLI:EU:C:2017:376; The exact question to the CJEU was: ‘Does the Union have the requisite competence to sign and conclude alone the Free Trade Agreement with Singapore?’
Opinion 2/15 of the Full Court, Opinion pursuant to Article 218(11) TFEU — Free Trade Agreement between the European Union and the Republic of Singapore,16 May 2017, ECLI:EU:C:2017:376.
The text of the EU-Vietnam Free Trade Agreement was published on 1 February, 2016 and is available for perusal at http://trade.ec.europa.eu/doclib/press/index.cfm?id=1437 (accessed 30 May 2017).
The negotiations for an EU-Singapore FTA was completed on 17 October, 2014 and the initialled text of the EU-Singapore Free Trade Agreement was published on 29 June, 2015. The text of the FTA as on May, 2015 is available for perusal at http://trade.ec.europa.eu/doclib/press/index.cfm?id=961 (accessed 30 May 2017).
An official update from the European Commission about the Free Trade agreements under negotiation as on May, 2017 is available for download at http://trade.ec.europa.eu/doclib/docs/2006/december/tradoc_118238.pdf (accessed 30 May 2017).
The 2010 Communication can be officialy found as European Commission Communication No. COM(2010) 612 of 9 November, 2010, Trade Policy as a Core Component of the EU’s 2020 Strategy and we refer to it throughout the paper as ‘2010 Communication’.
The 2015 Communication can be officially found as European Commission Communication No. COM(2015) 497 final of 14 October, 2015, Trade for All- Towards a more responsible trade and investment policy and we refer to it throughout the paper as ‘2015 Communication.’
A detailed explanation of the benefits can be found at p. 5 of the 2010 Communication.
For a detailed overview of the EC claims, the press release on the success of the EU-ROK FTA can be accessed at europa.eu/rapid/press-release_IP-16-2356_en.htm (accessed 30 May 2017).
A detailed picture of the TTIP has been provided by the European Commission through its website http://ec.europa.eu/trade/policy/in-focus/ttip/ (accessed 30 May 2017).
A detailed overview of the history of EU ASEAN relations can be accessed at http://asean.org/?static_post=overview-of-asean-eu-dialogue-relations# (accessed 30 May 2017).
Agreement on the Common Effective Preferential Tariff Scheme for the ASEAN Free Trade Area signed in Singapore on 28 January 1992 which was superseded by the ASEAN Trade in Goods Agreement, 2009.
A detailed analysis on the history of ASEM can be accessed at http://www.aseminfoboard.org/content/history (accessed 30 May 2017).
An overview of the background which led to the formation of the ASEM can be found in the Communication for the Commission to the Council and the European Parliament regarding the Asia-Europe Meeting (ASEM) to be held in Bangkok on 1–2 March 1996, COM(96) 4 final dated 16.01.1996, p. 1 . See also Annex 14 of the Presidency Conclusions, Madrid European Council, 15 and 16 December, 1995 available at http://www.europarl.europa.eu/summits/mad1_en.htm (accessed 30 May 2017).
OJ L 147, 21.6.2000, p. 3, The EU-Israel Association agreement came into force in June, 2000.
OJ L 129, 15.5.2002, p. 3, The EU- Jordan Association agreement came into force in May, 2002.
OJ L 143, 30.5.2006, p. 2, The EU-Lebanon Association agreement came info force in April, 2006.
OJ L 187, 16.7.1997, p. 3, The EU-Palestinian Authority interim Associsation agreement came into force in 1997.
OJ L 261, 30.08.2014, p. 4, The EU-Georgia Association agreement cane into force on 1 July, 2016.
OJ L 361, 31.12.1977, p. 1, The EU-Turkey Association agreement came into force on 1 December, 1964.
A list of the EU Trade agreements till date can be accessed at http://ec.europa.eu/trade/policy/countries-and-regions/agreements
The EC approval for the merger was issued on 1 July, 2015 in Case No. M.7643 - CNRC/ Pirelli – OJ C 233, 17.7.2015, p. 2
The official press release from the seller ‘Ferrovial’ declaring the conclusion of the transaction is available at http://www.ferrovial.com/en/press-room/press_releases/ferrovial-sells-572-of-heathrow-airport-holdings-to-stable-investment-corporation-a-wholly-owned-subsidiary-of-cic-international-co-ltd-for-gbp-2574-million/ (accessed 30 May 2017).
The update on the stake sale of 49.9% shares of the Toulouse airport is recorded by the Holdings and Transfers Commission and Privatisations in France through its report dated March, 2016 which is available for download at https://www.economie.gouv.fr/files/cptexpo2016en.pdf (accessed 30 May 2017).
The EC approval for the merger was issued on 1 July, 2010 in Case No. COMP/M.5789-.Geely-Daqin/Volvo Cars- EUR-Lex Doc No. 32010 M5789
The 2001 framework was officially released as the European Commission Communication No. COM (2001) 469 final of 4 September, 2001, Europe and Asia: A strategic framework for enhanced partnerships.
Information about accession to the treaty was released through a press release which can be accessed at http://europa.eu/rapid/press-release_IP-12-781_en.htm (accessed 30 May 2017).
The China-ASEAN FTA consists of multiple agreements- Agreement on Trade in Goods of the Framework Agreement on Comprehensive Economic Co-operation between China and ASEAN, Agreement on Dispute Settlement Mechanism of the Framework Agreement on Comprehensive Economic Co-operation between China and ASEAN, Agreement on Trade in Services of the Framework Agreement on Comprehensive Economic Co-operation between China and ASEAN and Agreement on Investment of the Framework Agreement on Comprehensive Economic Co-operation between China and ASEAN which entered into force in various stages starting from July, 2005 to 2009. The official text of FTA is available for download at http://fta.mofcom.gov.cn/topic/chinaasean.shtml (accessed 30 May 2017).
The India-ASEAN FTA consists of multiple agreements- Framework Agreement on Comprehensive Economic Cooperation between the Republic of India and the Association of Southeast Asian Nations, Agreement on Trade in Goods Under the Framework Agreement on Comprehensive Economic Cooperation between the Association of Southeast Asian Nations and the Republic of India, Agreement on Dispute Settlement Mechanism under the Framework Agreement on Comprehensive Economic Cooperation between the Association of Southeast Asian Nations and the Republic of India, Agreement on Trade in Services under the Framework Agreement on Comprehensive Economic Cooperation between the Association of Southeast Asian Nations and the Republic of India and the Agreement on Investment under the Framework Agreement on Comprehensive Economic Cooperation between the Association of Southeast Asian Nations and the Republic of India which entered into force in various stages starting from 1 January, 2010 and is under implementation. The official text of the FTA is available for download from https://www.iesingapore.gov.sg/~/ media/IE%20Singapore/Files/FTA/Existing%20FTA/ASEAN%20India%20FTA/Legal%20Text/ASEANIndia20FTA20Legal20Text.pdf (accessed 30 May 2017).
The ASEAN-Australia-New Zealand FTA -Agreement establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) entered into force in January, 2010. The official text of the FTA is available for download from http://dfat.gov.au/trade/agreements/aanzfta/official-documents/Pages/official-documents.aspx (accessed 30 May 2017).
A detailed note on the OBOR project by Simmons and Simmons can be read at http://www.iberchina.org/files/2016/obor_simmons.pdf (accessed 30 May 2017).
The official press release of the Hellenic Competition Commission stating the grant of Clearance for acquisition by COSCO (HONG KONG) GROUP LIMITED of sole control over PIRAEUS PORT AUTHORITY S.A. dated 22 June, 2016 is available for download at https://www.epant.gr/en/(X(1)S(cpx4lzim4gsaohfwsy5olpti)) /default?AspxAutoDetectCookieSupport=1 (accessed 30 May 2017).
The official declaration of the signing of the agreements for construction of a High-speed railway in Hungary can be accessed from the website of the State Council, The People’s Republic of China at http://english.gov.cn/premier/news/2015/11/25/content_281475241762006.htm (accessed 30 May 2017).
The European Parliament resolution of 16 December 2015 on EU-China relations (2015/2003(INI))
The European Parliament resolution of 12 May, 2016 on China’s market economy status (2016/2667(RSP)).
China submitted its sixth offer in December 2014 as a part of the accession negotiations. More information on the WTO Government Procurement Agreement and the progress of the accession negotiations is available from the official website of the WTO at https://www.wto.org/english/thewto_e/minist_e /mc10_e/briefing_notes_e/brief_gpa_e.htm (accessed 30 May 2017).
The text of all the FTAs and Partnership agreements signed by Japan can be found at http://www.mofa.go.jp/policy/economy/fta/ (accessed 27 May 2017).
The negotiating mandate for Japan was approved at its 3203rd meeting by the Council of the European Union on 29 November, 2012. The information about the approval for starting negotiating was made public through a press release of the Council- 16,943/12 PRESSE 498 PR CO 66 dated 29 November, 2012 which can be accessed online at http://europa.eu/rapid/press-release_PRES-12-498_en.htm (accessed 29 May, 2017).
The history and progress of the negotiations can be followed at http://ec.europa.eu/trade/policy/countries-and-regions/countries/japan/ (accessed 27 May 2017).
The European Commission provided an update on the trade negotiations with Japan through an update on 5 May, 2015 which is available at http://trade.ec.europa.eu/doclib/docs/2006/december/tradoc_ 118238.05.05.pdf (accessed 29 May, 2017).
The EU proposal for Chapter on Good Regulatory Practices and Regulatory Cooperation EU-Japan FTA is available for download from the website of the European Commission at http://trade.ec.europa.eu/doclib /docs/2017/march/tradoc_155449.pdf (accessed 29 May 2017).
The Answer given by Ms. Malmström in the European Parliament(EP) on 7 November, 2016 on behalf of the Commission is available for access from the website of the EP at http://www.europarl.europa.eu/sides/ getAllAnswers.do?reference = E-2016-006436&language = DE (accessed 29 May 2017).
The Report of the Report of the 18th EU-Japan FTA/EPA negotiating round issued by the European Commission is available for download at http://trade.ec.europa.eu/doclib/docs/2017/april/tradoc_155506.pdf (accessed 29 May 2017).
An overview of the EU-Myanmar relations can be found at https://eeas.europa.eu/delegations/myanmar-burma/1569/myanmar-burma-and-eu_en (accessed 29 May 2017).
The Report on the fifth round of negotiations for the EU-Myanmar Investment Protection Agreement held on 26–27 April, 2017 at Yangon was published by the EC on 28 April, 2017 and is available for download from http://trade.ec.europa.eu/doclib/docs/2017/april/tradoc_155507.pdf (accessed 30 May 2017).
The Communication from the Commission was published as OJ C 175, 21.6.1999, p. 442.
The Communication was published as European Commission Communication No. COM(2004) 430 final of 16 July, 2004, An EU-India Strategic Partnership.
Article 14 of the Model Indian BIT, 2015 states the provisions for investor state arbitration. The text of the Model BIT was released on 16 December, 2015 and is available for download at https://www.mygov.in/sites /default/files/master_image/Model%20Text%20for%20the%20Indian%20Bilateral%20Investment%20Treaty.pdf (Accessed 30 May 2017). The IISD covered the Indian position in p. 10, Issue 1, Volume 8, March 2017 edition of its quarterly journal ‘Investment Treaty News.’
The FTA was published as OJ L 127, 14.5.2011, p.6.
The Report was officially released as European Commission Communication No. COM(2016) 268 final of 30 June, 2016, Annual Report on the implementation of the EU-Korea Free Trade Agreement. Throughout this paper, it wil be referred to as the ‘2016 Report.’
A detailed discussion on the developments that led to the new model is available at Titi C (2015) International Investment Law and the European Union: Towards a New Generation of International Investment Agreements. EJIL. doi:https://doi.org/10.1093/ejil/chv040
For a detailed overview of the EC claims, the press release on the success of the EU-ROK FTA can be accessed at europa.eu/rapid/press-release_IP-16-2356_en.htm (accessed 29 May 2017).
A detailed overview of EU- ASEAN trade relations can be found at the European Commission’s ASEAN page: http://ec.europa.eu/trade/policy/countries-and-regions/regions/asean/ (accessed 29 May 2017).
The EU-ASEAN trade statistics for year 2016 are available at http://trade.ec.europa.eu/doclib/docs/2006 /september/tradoc_113471.pdf (accessed 29 May 2017).
The investement data has been released by the EEAS at https://eeas.europa.eu/headquarters/headquarters-homepage/21127/eu-asean-historical-high-says-eu-ambassador_en (accessed 29 May 2017).
An official update from the European Commission about the Free Trade agreements under negotiation as on May, 2017 is available for download at http://trade.ec.europa.eu/doclib/docs/2006/december/tradoc_118238.pdf (accessed 30 May 2017).
The statement of the EU Ambassador to ASEAN is available through the EEAS at https://eeas.europa.eu /headquarters/headquarters-homepage/21127/eu-asean-historical-high-says-eu-ambassador_en (accessed 29 May 2017).
This was known through a Press release after a meeting between Commissioner Malmström and Japan’s Minister of Foreign Affairs. An online version of the Press release is available at http://trade.ec.europa.eu/doclib/press/index.cfm?id=1625 (accessed 29 May 2017).
A possibility for a prospective EU-Hong Kong Bilateral Investment Agreement was expressed by Vincent Piket, the Head of the European Union Office to Hong Kong in his article “EU-HK ties have a great future” published online on 16 May 2016 in China Daily Asia and available for access at http://www.chinadailyasia.com /opinion/2016–05/16/content_15432775.html (last accessed 30 May, 2017).
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Bungenberg, M., Hazarika, A. The European Union’s trade and investment policy in Asia: new challenges and opportunities in a changing global environment – or: following individual roadmaps. Asia Eur J 15, 377–397 (2017). https://doi.org/10.1007/s10308-017-0485-2
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DOI: https://doi.org/10.1007/s10308-017-0485-2