Šefčovič: Agreement between the EU and Gibraltar will bring prosperity and an influx of investments

Brussels – The agreement to simplify cross-border trade and travel between Gibraltar and EU countries will bring prosperity on both sides and attract investors. In an interview with TASR news agency on Thursday, European Commissioner for Trade and Economic Security Maroš Šefčovič stated this in response to Wednesday’s (June 11) signing between representatives of the EU, Spain, the United Kingdom, and Gibraltar. Šefčovič represented the European Commission in the negotiations.

 The agreement was reached after years of post-Brexit disputes between the EU and the United Kingdom regarding the status of this territory.

Šefčovič described the agreement as a “historic milestone” and stated that its main impact will be an increase in prosperity both in Gibraltar and in the wider part of Spain neighboring this enclave. He claims that the removal of the “last barrier on the European continent” will bring an influx of investments and an increase in the standard of living for people living in this region.

“Every day, 15,000 people have to cross through control lines. All of this will be removed. The EU, meaning Spain, and Gibraltar and Britain have agreed that they will gradually converge indirect taxes, and that the prices of cigarettes and other goods, which have been the subject of discussions in the past, will also gradually come closer,” he explained.

According to him, it is important for the EU that Gibraltar has committed to respecting strict EU rules related to money laundering and to ending speculative trading, which has also been a subject of discussions. Evidence of this is the fact that the European Commission has removed Gibraltar from its list of jurisdictions that are insufficiently combating money laundering.

Šefčovič was also congratulated on the successful negotiations regarding Gibraltar on Wednesday by the President of the European Commission Ursula von der Leyen. She also stated that this agreement ensures the integrity of the Schengen Area and the EU’s single market, as well as the stability, legal certainty, and prosperity of the mentioned region.

The Slovak European Commissioner noted that there was indeed a good mood during the signing of the agreement by representatives of the EU, Spain, Britain, and Gibraltar, as all parties realize that they have managed to resolve the last post-Brexit issue between Brussels and London.

“With this decision, all open questions associated with Brexit are resolved; we have managed to find consensus on all topics. We are all pleased that this negotiation effort has yielded a positive result,” he stated.

He clarified that now all parties involved will focus on finalizing and implementing the agreement. This means translating the achieved compromises into a specific legal text, which will then need to be approved by Gibraltar, the United Kingdom, and the EU. “We would like this agreement to come into effect as soon as possible; we hope it will be next year,” Šefčovič said. (June 12)

“Every day, 15,000 people have to cross through control lines. All of this will be removed. The EU, meaning Spain, and Gibraltar and Britain have agreed that they will gradually converge indirect taxes, and that the prices of cigarettes and other goods, which have been the subject of discussions in the past, will also gradually come closer.” Maroš Šefčovič.