GENEVA, Switzerland, (ITC News) – The Mediterranean intraregional trade has the potential to grow by over US$ 19 billion and increase its exports to the EU by over US$ 108 billion by 2029. Over the last four years two projects funded by the European Union and implemented by the International Trade Centre and the International Labour Organization, respectively, have sought to support countries in this region with capacity building in trade and employment.
The European Union (EU) together with its implementing partners, the International Trade Centre (ITC) and the International Labour Organization (ILO), has marked the end of two four-year projects that looked at increasing employment, trade and investment in countries from the south and east Mediterranean region.
ITC estimates show that the growth potential for trade in goods among the countries in the scope of the project can rise to $19.2 billion. There is also room for Mediterranean countries to increase their exports to the EU by $108.6 billion by 2029. To realize this potential, economic operators need to make informed business and policy decisions, supported by the free online tool Euromed Trade Helpdesk , which provide crucial trade intelligence that can facilitate business.
In addition, ITC findings show that there is growing potential in the services sectors. The Euromed Trade and Investment Facilitation Mechanism project (TIFM) phase II supported central banks and national statistical offices to improve the availability of trade in services statistics to enable better informed decisions. It also conducted a first-ever series of surveys in services sectors, that provided an in-depth analysis of the challenges small businesses in the region face when it comes to non-tariff measures or other trade barriers.
Even though ITC’s Trade and Investment Facilitation Mechanism – Phase II (TIFM II) and ILO’s Mainstreaming Employment into Trade and Investment (METI) programmes have come to an end, two new projects will build on the successes of its predecessors:
- ITC’s “Enhancing E-commerce and Digital Trade in the South Med Neighbourhood,” set to begin in 2025 will be co-implemented with the German development agency, GIZ. With a focus on small businesses, the project looks at creating jobs, especially for women and youth, and fostering sustainable and inclusive growth by achieving United Nations Sustainable Development Goals, number 1 (end poverty) and number 8 (create decent work and economic growth).
- ILO will start a second phase of their METI project and will collaborate with ITC on trade potential and job creation.
“When the first phase of our project ended, it was clear that while we’d made big strides supporting small businesses in the Euromed countries, there was more work to do. We needed more training and data. This rationale has underpinned the project’s second phase, and our work on the Euromed Trade Helpdesk has become more urgent given the crises of recent years. Initiatives like these can help make it possible for more women and youth to play a leading role in their economies – and support the cross-cultural exchanges and innovations that trade enables,” said Dorothy Tembo, deputy executive director, ITC.
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