21.5.2014 Official Journal of the European Union L 151/9 DECISIONS DECISION No 534/2014/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 providing macro-financial assistance to the Republic of Tunisia THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 212 thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Acting in accordance with the ordinary legislative procedure ('), Whereas: (1) Relations between the European Union and the Republic of Tunisia (‘Tunisia’) are developing within the frame- work of the European Neighbourhood Policy (ENP). The Euro-Med Association Agreement between the European Communities and their Member States, on the one hand, and Tunisia, on the other hand (? (‘the EU-Tunisia Asso- ciation Agreement’), entered into force on 1 March 1998. Under the EU-Tunisia Association Agreement, Tunisia finalised dismantling tariffs for industrial products in 2008, thereby making Tunisia the first Southern Mediterra- nean country to enter into a free trade area with the Union. Bilateral political dialogue and economic cooperation have been further developed within the framework of ENP Action Plans, of which the most recent under discus- sion would cover the period 2013-2017. (2)  Tunisia’s economy has been significantly affected by domestic events related to the events in the Southern Medi- terranean since the end of 2010, known as the ‘Arab Spring’, and by the regional unrest that followed, particu- larly in neighbouring Libya. Those events and the weak global economic environment, in particular the recession in the euro area, which is Tunisia’s main trading and financial partner, have had a very negative impact on the Tunisian economy, leading to a slowdown in growth and generating large external and budgetary financing gaps. (3)  Following the ousting of President Ben Ali on 14 January 2011, Tunisia’s first free and democratic elections took place on 23 October 2011. A National Constituent Assembly has been in place since then, and although the poli- tical transition has not been without difficulties, there have been concerted efforts by the main political actors to proceed with reforms towards a fully-fledged democratic system. (4)  The Constitution adopted by the National Constituent Assembly of Tunisia includes some advances in the field of individual rights and freedoms and gender equality, which set Tunisia on the path towards democracy and the rule of law. (5)  Since the Arab Spring began, the Union has, on various occasions, declared its commitment to supporting Tunisia in its economic and political reform process. That commitment was reaffirmed in November 2012, in the conclusions of the meeting of the Association Council between the Union and Tunisia. The Union’s political and economic support for Tunisia’s reform process is consistent with the Union’s policy towards the Southern Medi- terranean region, as set out in the context of the ENP. () Position of the European Parliament of 16 April 2014 (not yet published in the Official Journal) and Decision of the Council of 6 May 2014. (%) Euro-Mediterranean Agreement establishing an association between the European Communities and their Member States, of the one part, and the Republic of Tunisia, of the other part (OJ L 97, 30.3.1998, p. 2).