PURPOSE : to establish a common framework for the systematic production of Community statistics on balance of payments, international trade in services and foreign direct investment.
LEGISLATIVE
ACT: Regulation 184/2005/EC of the European Parliament and of the Council on
Community statistics concerning balance of payments, international trade in
services and foreign direct investment.
CONTENT : the Treaty requires the Commission to submit reports enabling the
Council to monitor economic developments in each of the Member States and in
the Community as well as the consistency of economic policies with certain
broad guidelines. The Commission is responsible for making proposals to the
Council for implementing the common commercial policy. It also has the task
of conducting trade negotiations following authorisation from the Council. In
order to accomplish these tasks, the Commission needs relevant and good
quality statistical information. Trade negotiations, including the
implementation of the General Agreement on Trade in Services (GATS) and of
the Trade-Related Intellectual Property Rights' Agreement (TRIPs), require
the availability of timely and good quality Community statistics on Balance
of Payments, International Trade in Services and Foreign Direct Investment.
To achieve this, there is a need to establish a framework for the systematic
production of these statistics on the basis of common quality standards.
The Regulation:
- includes the definitions that should be applied by Member States for their Balance of Payments, International Trade in Services and Foreign Direct Investment data;
- specifies Member States' obligations concerning the data to be transmitted (nature and sources of data; quality criteria; reference period, periodicity and transmission deadlines);
- defines standards for the dissemination of Community statistics by the Commission;
- sets up the Balance of Payments Committee as a new forum for co-operation between Member States and the Commission concerning statistics on Balance of Payments, International Trade in Services and Foreign Direct Investment. The European Central Bank is an observer in this Committee
ENTRY INTO FORCE: 28/02/2005.