The European Union has launched a new initiative to re-table the EU Direct trade regulation for the TRNC following the endorsement of the Lisbon treaty.
The European Parliament has appointed a Rapporteur for the Direct Trade regulation, prepared on the 26th of April 2004 following the referendum on the Annan Plan.
According to the Lisbon Treaty, the Greek Cypriot Side will no longer be able to veto the coming into force of the Direct Trade regulation intended to ease the international isolation of the Turkish Cypriots.
Within the framework of the initiative, the European Parliament’s International Trade Committee appointed Italian Liberal Democrat Niccolo Rinaldi to prepare a report on the regulation.
Debates on the regulation will be held at the meeting of the committee scheduled to take place in Strasbourg on the 19th of April.
If approved by the European Parliament, the report will be put to the endorsement of the EU Council.
There will be no longer need for a unanimous vote amongst member countries for the approval of the regulation once the endorsement of the Lisbon treaty.
A qualified majority will be sufficient, meaning that the Greek Cypriot Side will no longer be able to veto the regulation.