There are many poor countries that are extremely rich in raw materials, as a result the EU and wealthy countries are taking advantage of the situation. UK charity Traidcraft are drawing attention to this with a campaign to put a stop to the EU making unfair trade and investment deals. Their aim is to help the poorer countries benefit by allowing them to raise export tax, create more jobs and manage the raw materials in a sustainable way.
The EU argues that these raw materials are essential to develop future industrial competitiveness. But Traidcraft believes that the policies could further impoverish poor countries and pose a serious risk to the environment.
Implications - The EU is one of the world’s largest consumers of natural resources which are essential for the manufacturing industry and economic growth. However it is important that country that provides the raw materials is able to benefit from their export.
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