Foreign Affairs Minister Michael Frendo, speaking during the IV Euromed Trade Ministerial Conference in Istanbul, said the European Neighbourhood Policy (ENP) launched by the European Union to further an area of common values with neighbouring countries was more than complementary to trade and economic integration objectives of the Barcelona Euro-Med Process. Dr Frendo, who is also responsible for foreign trade relations, said there was indeed a linkage between the ENP and the Euro-Med process.
As more Mediterranean countries open up their markets for commerce and foreign direct investment, he said, the rule of law, good governance and the implementation of principles of market economy would enhance the necessary environment for foreign direct investment in the Euro-Med process of creating a Mediterranean free trade area.
The conference discussed various other issues such as trade facilitation, rules of origin, a protocol on a free trade area in services in the Mediterranean region and WTO matters.