5 Jan, 2021 @ 19:57
1 min read

Schengen EU deal could ‘unlock wealth’ of Gibraltar, business group claims

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THE Schengen agreement will help Gibraltar and the entire Campo area get much wealthier, according to the Rock’s Chamber of Commerce.

The ‘in principle’ New Year’s Eve pact with Spain has also received the support of former Chief Minister Peter Caruana and other leading lights in the community.

Although some local residents have been suspicious of the deal the business group believes it will positively impact communities on both sides of the border.

“It offers the possibility of preventing a hard border and unlocking the full potential of both Gibraltar and the Campo area,” a Chamber spokesperson said.

“The entire region could becomes a magnet for greater investment leading to fuller employment and growing economic prosperity for all.”

The Chamber of Commerce has worked hard with business groups and unions of the whole area as part of the Cross-Frontier Group.

It published a report which found out that Gibraltar provides £500 million every year to Spain’s economy.

Working together

“Closer cooperation will lead to greater socio-economic development,” said the Chamber of Commerce.

“This will benefit the workers, families and businesses on both sides of the border.

“Our members look forward to the satisfactory conclusion of negotiations to participate in the promised shared prosperity which the Agreement aims to achieve.”

Under the agreement, an EU treaty could be signed within six months that would last a primary period of four years.

This afternoon, the CELAC committee met to discuss how the government would help businesses overcome the COVID-19 lockdown in Gibraltar.

“The work of CELAC has proven to be very useful in advising the Government on the support that businesses and employees require,” said Chief Minister Fabian Picardo who chaired the meeting.

“As we did during the first lockdown, the Government is fully committed to seeing businesses and employees through this incredibly challenging period.”

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