NEWS FLASH Ndeg; 201527.docVIP

NEWS FLASH N° 2011/27 08 December 2011 ------------------------ LETTERS SENT/SIGNED BY ESF ON INDIA, Intra-Corporate Transfers AND TRADE FINANCE ESF sent a letter to Ignacio Garcia-Bercero (enclosure 1) reiterating the need to secure commitments for the services sector during the crucial lead up to the Summit in February. The letter was sent on the 5 December 2011. ESF signed a joint letter sent on the 29 November 2011 on Intra-Corporate Transfers (enclosure 2) to Members of the Committee on Employment and Social Affairs at the European Parliament. The letter is concerned with the draft Intra-Corporate Transferee Directive and the Committee vote on December 5th stressing the need to support the original objectives of the directive. ESF signed a joint industry communication (enclosure 3 support doc enclosure 4) on Trade Finance and the Basal Framework issued on 1 December 2011. The communication outlines support for policies that aim to strengthen the resilience of the financial services sector, as promulgated by the G-20, but restates continued concern about the unintended consequences of the regulatory treatment of trade finance instruments under the Basel framework, which does not reflect the risk profile of trade finance assets, nor does it take into account the adverse effects of the proposed changes on global trade and growth in the real economy. EU FTA talks to start with Georgia/Moldova Negotiations toward a deep and comprehensive free trade agreement (DCFTA) will be initiated between the European Union and Georgia and Moldova in early 2012, the European Commission announced, on 5 December 2011. The two agreements will be part of a broader association agreement that the two Eastern countries have been negotiating since July 2010, under the Eastern Partnership framework and the European Neighbourhood Policy. The EU is already both countries’ primary trading partner with an overall bilateral trade in goods estimated at €1.7 billion with Georgia and €2.