Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-407-000"
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"en.20110913.34.2-407-000"2
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"Access to raw materials is vital for Europe’s industrial future and the Commission is right to have a strategy to ensure good access for European countries. However, the Commission should also ensure that EU companies adhere to environmental and social standards in their work abroad so as to further cement good EU relations with resource-rich countries. In this context, the European Union should follow the US lead on the Dodd-Frank bill and require companies to disclose whether they source their resources from conflict regions, while also requiring extractive industries to disclose their payments to foreign governments in order to enhance transparency and ensure good governance. Furthermore, in order to make a credible partnership offer to resource-rich countries, the European Union should not misuse the tool of development policy for such purposes.
This is particularly the case for the General System of Trade Preferences and the European Development Fund. Instead, it should help resource-rich countries to overcome pertinent issues such as information asymmetry when it comes to negotiating raw material and mining contracts, since many governments lack the expertise to properly evaluate the value of their natural resources and consequently find it difficult to strike favourable deals"@en1
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