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Bermuda's Influence In EU Rising

August 2011 - EU & Competition. Legal Developments by Hassans.

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Bermuda Premier Paula Cox has said that her 'unprecedented' meetings with key European Union representatives demonstrate that Bermuda's position as a reputable international financial centre is strengthening.

Addressing Bermuda's parliament following her return from Europe with a Bermudian delegation, Cox said: "I cannot underscore enough the achievement and significance of our Bermuda delegation meeting with senior officials of the European Commission."

"It is unprecedented for an associated or dependent territory to appear before the Committee on Economic and Monetary Affairs of the European Parliament, but that is exactly what I did on the second day of my visit, and I was treated no differently than had I been a head of a sovereign state," she added.

"It was clear that the attendees had done their homework on Bermuda," she continued. "They came to the meeting with briefs, covering the political, economic and legal aspects of Bermuda including our work on Solvency II."

Cox added that meetings with the UK Deputy Permanent Representative to the EU, the Commission General Secretariat, the Director for Governance and the External Aspects of the Single Market, the Directorate General for Taxation and Customs and the European External Action Service demonstrated a "serious substantive interest" in Bermuda. Cox believes that Bermuda has forged a relationship with the EU that will continue to grow in future.

"I am most pleased with the direction of the meetings and that we have forged a relationship with the EU that will continue to grow, particularly as we have received repeated international approbation, particularly from the OECD and IMF, as an open, well-regulated and co-operative jurisdiction," she said.

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