Europe Without Britain: Assessment Of E.E.C.

Press, Volume XCIX, Issue 29251, 8 July 1960, Page 18

Europe Without Britain: Assessment Of E.E.C.

"The integration of the European Community has proceeded with surprising speed and determination, and failure to appreciate the size and vigour of this new giant is no longer justifiable,” states the July A.N.Z. Bank "Quarterly Survey” in an article entitled "Europe without Britain.” "If the Commonwealth is to benefit from these quickly changing situations, she must be ready, not only to make concessions toward solving Britain’s dilemma, but also to adopt a more forceful role, soeh as seeking trade agreements with KE.C„ investigating the prospective value of Commonwealth Preference and freeing the V.K. of those obligations toward the Commonwealth which hinder her sharing the benefits of the New Europe.” The bank continues: "The useful steps open to the Commonwealth appear to be positive efforts to take advantage of the rising prosperity which may come to Europe, and particularly, the

possibility of a stronger and more prosperous and expanding U.K. economy. But Australia and New Zealand also stand to gain from prosperity in the E.E.C. through rising living standards and purchasing power there, which will support the level of international trade generally and prices for Commonwealth exports in particular. “Such prospects would offset some losses of markets in the UJC, which might follow any modification of Commonwealth Preference. At the same time, the Commonwealth countries would be much better placed to take advantage of improved or cheaper imports from the E.E.C. if they were freed of some of the obligations of Commonwealth Preference. “Beyond immediate considerations arising from the separate E.E.C. and E.F.T.A.,” concludes the bank, “is the hope that the advantages of tariff reductions, being demonstrated in limited areas, might yet lead to reduction of trade barriers on a much wider scale, which would undoubtedly benefit both Australia and New Zealand.”