EU files WTO trade suit against Argentina – Repsol “the straw that broke the camel’s back.”
According to a member of the Spanish government, the European Union has agreed to file a trade suit with the WTO against Argentina. Although it has been stated that the Argentinian government’s decision to expropriate YPF (which was formerly owned by the Spanish oil and gas company Repsol) was not the basis of the decision, it has been acknowledged that it was certainly a factor.
The source interviewed by Reuters said, “The European Union has decided to file a complaint (with the WTO) which will mean, if the EU wins, very serious trade sanctions for Argentina … The EU’s decisions follow from all the non-fulfilments which Argentina has built up before the WTO. The Repsol problem has really just been the straw that broke the camel’s back.”
The suit is to be filed with the WTO within a few days.
High profile debates on the issue between Argentina and at least 14 of its trading partners have made recent headlines. The US Ambassador to the WTO, Michael Punke, has led the criticism.
Cecilia Nahon, Argentina’s Secretary of International Economic Relations, claimed that the country was being used as an example for other developing nations to scare them away from legitimate policies.
Edited from various sources by David Bizley
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/15052012/eu_files_trade_suit_with_wto_against_argentina/
You might also like
Wood Mackenzie: six-country international shale priority list for energy security as Middle East conflict drives supply diversification
Middle East conflict has elevated strategic energy security priorities as countries seek supply diversification, international shale exploration can play a key role in meeting those goals, according to new research from Wood Mackenzie, titled “A hydrocarbon copy: the upstream industry’s return to international shale exploration”.