The Pan Euro Med Agreement (PEMA) is an important trade agreement that has been in effect for almost two decades. Signed in 2010, it covers the European Union (EU), the European Free Trade Association (EFTA), and a number of other countries in the Mediterranean region. The aim of the agreement is to promote trade and economic cooperation between the participating countries.
One of the key features of the PEMA is the elimination of tariffs on goods traded between the signatory countries. This has greatly facilitated trade and made it easier for businesses in these countries to do business with each other. In addition, the agreement includes provisions for the protection of intellectual property rights, the liberalization of services, and the promotion of investment.
Another important aspect of the PEMA is the inclusion of rules of origin. These rules stipulate that products must meet certain criteria in order to qualify for the tariff reductions granted under the agreement. This has helped to prevent the circumvention of the agreement and ensure that the benefits of the agreement are only available to those who are truly eligible.
The PEMA has also helped to promote cooperation between the participating countries in areas such as customs procedures, technical regulations, and standards. This has led to greater harmonization of regulations and standards across the region, making it easier for businesses to operate and compete across borders.
Overall, the PEMA is an important agreement that has helped to promote trade and economic cooperation across the Mediterranean region. Its provisions have helped to facilitate trade, encourage investment, and promote the development of a common market across the region. As such, it remains an important tool for promoting economic growth and development in the region.