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From VOA Learning English, |
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this is the Economics Report. |
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Western governments want to cut links |
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between the conflict in eastern Democratic Republic of Congo |
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and the area's mineral exports. |
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Both the United States and the European Union |
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have act to tight control of minerals imports |
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to avid fueling the conflict in eastern Congo. |
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The United States Congress passed the Dodd Frank Act in 2010. |
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The law deals mainly with financial rules, |
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but it also includes a special requirement |
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for America listed companies. |
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It says buyers of tin, tantalum, tungsten or gold |
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need to show they have not support conflict |
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in Africa's Great Lakes area. |
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Now, the European Union is also writing a bill |
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to prevent deals that help provide armies in the eastern Congo. |
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A delegation from the European parliament |
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has been visiting Rwanda, Burundi and the Congo |
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to see how the proposed law would affect those countries. |
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Judith Sargentini is leading the delegation. |
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She says the aim of the European law is to help break the link |
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between the minerals trade and armed conflict. |
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She suggests the law will require EU companies |
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buying minerals to prove their were mined |
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without supporting the conflict in the Congo. |
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"We cannot just have the U.S. work on this issue, |
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when we are the big trading countries with Africa, |
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and ignore this. |
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It will influence European companies |
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that want to trade on the U.S. market, |
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but besides that, more importantly, |
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Europe has a responsibility to watch a lot of countries |
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that are actual even former colonies," says Sargentini. |
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She says the bill is not a reaction to an increase |
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in Chinese imports of these minerals by companies |
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that are not concerned about the Dodd Frank Act. |
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"But I would say that European communication |
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on trade and raw materials of course |
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is completely influenced by the fear that Europe has, |
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that China will buy out everything, |
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and we don't have anything in thte future any more," says Sargentini. |
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Judith Sargentini says the American law reduced trade and jobs. |
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She notes that the proposed law will not stop imports from eastern Congo. |
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She says some imports will continue, even if the minerals |
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were mined under what she called "bad circumstances." |
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Critics say the Dodd Frank Act stop trade |
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and led to the illegal transport of minerals through nearby countries. |
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Ms Sargentini agrees, |
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but says the planed law should have a different effect. |
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She says the EU trade commissioner wants to increase trade with the Congo. |
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She says the law will reward businesses |
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that making Africa to trade minerals fairly and openly. |
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Some Congolese experts say they think the Dodd Frank Act |
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has helped to cut the flow of money to militia leaders. |
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In eastern Congo, workers at the Enough Project say |
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people have changed behaviors because of it. |
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But the conflict minerals part of the law has yet to be enforced. |
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And that's the Economics Report from VOA Learning English, |
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I'm Mario Ritter. |
