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Last week, the European Commission, Directorate General for Economic and Financial Affairs (ECFIN), published its Economic Forecast for Winter 2023. According to the results, energy inflation in the euro area has declined significantly by the end of 2022 from its peak in March 2022 due to the lower level of energy prices. Inflation growth for 2023 is now estimated at 3.5% in both the EU and the euro area. Headline inflation in the EU is projected to fall from 9.2% in 2022 to 6.4% in 2023 and 2.8% in 2024. Euro area inflation continues to fall for the third month in a row to 8.5%, according to the January 2023 estimates, with food prices expected to fall as food prices gradually stabilise along with lower wholesale energy prices.
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On 17/02/2023, the European Commission proposed to tighten the rules for the protection of animals transported by sea. New, stricter requirements will apply to record-keeping, emergency procedures, exit point facilities and the approval of vessels carrying animals. The European Maritime Safety Agency (EMSA) will set up a European database to record all inspections and allow Member States quick access to all relevant information during inspections. The new rules also include a delegated act on inspections and controls of ships at points of exit and an implementing act on the recording, retention and sharing of records of official controls, which will allow all Member States to have rapid access to harmonised information. Both pieces of legislation will enter into force by May 2023.
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At its plenary session on 16/02/2023, the European Parliament adopted a resolution on the availability and price of fertilisers. The resolution creates an opportunity to restore and increase the production of mineral fertilisers in the EU after a decline last year due to high gas prices. The resolution is also a step towards a long-term action plan for the EU's strategic autonomy in the field of low-carbon fertilisers and food, which will contribute to achieving the objectives of the European Green Deal.
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On 17/02/2023, the European Commission sent the EU-New Zealand trade agreement to the EU Council for signature. Once the Council approves the trade agreement, both the European Union and New Zealand will sign it and it will then be submitted to the European Parliament for approval. Once approved by the Parliament, the agreement can enter into force. Bilateral trade between the EU and Zealand could increase by up to 30%, annual exports from the EU could increase by up to €4.5 billion. The agreement can reduce tariffs for EU companies by around €140 million per year, already in the first year of its application.
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In the past week, the European Union and Australia, respectively the teams of negotiators, managed to close additional chapters in negotiations on a mutual trade agreement, bringing the blocs closer to concluding a free trade agreement. Negotiators managed to tentatively close chapters on competition, telecommunications and maritime services. It was also about new offers of goods, public contracts, but also services and investments. Questions regarding geographical indications for agricultural commodities still remain open, the EU continues to strive for the maximum level of protection for European traditional specialties. Australia then demands more concessions compared to the agreement with New Zealand and better access to the European market for beef, lamb, rice, sugar and dairy products. Negotiations will continue in April 2023.
More information is available here.