EU commissioner says Malta able to face international crisis

Malta was well placed to weather the storm caused by the international crisis, EU Trade Commissioner Catherine Ashton said.

The country had a good strategy plan for its future development of trade, Baroness Ashton said.

Speaking during a press conference with Finance Minister Tonio Fenech, she praised Malta for its constant support for trade agreements that were important within the EU and internationally. It was vital to keep the market open and develop trade in and out of the EU borders but also set up regulations to get through, and prevent, another crisis, she said.

Trade was an important aspect of the economy, which recently shifted to ICT, online gaming industry and finance, Mr Fenech said.

The creation of a free trade region in the Euromed region was also discussed, along with the importance of the Libyan market. Not only did the Libyan market offer great potential but free trade would lead to stability and growth in the region. This was an important part of the long-term solution to illegal immigration, Mr Fenech said.