Monday, May 7, 2012
EU says retaliation measures against Argentina to be taken within next few days
De Gucht also expressed the block’s discontentment over Argentina''s import restrictions.
European Trade Commissioner Karel de Gucht expressed concern today over what he called a “growing tendency towards protectionism across Latin America” and warned Europe is preparing retaliation measures against Argentina after YPF's expropriation.
"We will soon be moving forward with a response to Argentina's action in the Repsol case," the official said during a speech at the EU-Brazil Conference, in Brussels.
De Gucht has already written to Argentina to express the 27-nation bloc's "serious concerns about the overall business and investment climate in Argentina", criticising the YPF takeover.
The Commissioner also expressed the block’s discontent over Argentina's import restrictions. "Argentina has also continued other trade restrictive policies, like its import-licensing regime," De Gucht said.
De Gucht blasted Bolivia for taking similar steps to Argentina and seizing control of a Spanish ran company warning those moves contribute to the deterioration of the mood investment on the region.
"And just last week we saw Bolivia take another step towards nationalising utility companies at the expense of a Spanish firm," he said."These types of moves are of course a problem for Argentina and Bolivia - which will find it harder to secure the international investment they need. They are also a problem for the European Union - as our companies are directly affected," the official remarked.
"We will soon be moving forward with a response to Argentina's action in the Repsol case," the official said during a speech at the EU-Brazil Conference, in Brussels.
De Gucht has already written to Argentina to express the 27-nation bloc's "serious concerns about the overall business and investment climate in Argentina", criticising the YPF takeover.
The Commissioner also expressed the block’s discontent over Argentina's import restrictions. "Argentina has also continued other trade restrictive policies, like its import-licensing regime," De Gucht said.
De Gucht blasted Bolivia for taking similar steps to Argentina and seizing control of a Spanish ran company warning those moves contribute to the deterioration of the mood investment on the region.
"And just last week we saw Bolivia take another step towards nationalising utility companies at the expense of a Spanish firm," he said."These types of moves are of course a problem for Argentina and Bolivia - which will find it harder to secure the international investment they need. They are also a problem for the European Union - as our companies are directly affected," the official remarked.
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