EU sets out a more sustainable and assertive approach to tra

EU sets out a more sustainable and assertive approach to trade


A strategy recently adopted by the European Commission paves the way towards a greener trade policy, accompanied by a push for reform of global trading rules. It makes clear the EU’s determination to take a tougher approach towards enforcing trade agreements and dealing with unfair trade practices.
Following a broad consultation process, the new EU new trade strategy outlines a series of headline actions centred around the concept of ‘open strategic autonomy.’ According to the Commission, open and rules-based trade can help underpin the post-pandemic recovery but must also enable the EU’s green and digital transition. 
The outlook for trade remains mixed. World Trade Organisation figures suggest that while growth in trade in 2021 will rebound after a 9% fall last year, it will likely remain below pre-crisis trends. In 2019, the EU exported over €3.1tn in goods and services and imported €2.8tn, with two-way trade accounting for 43% of the EU’s GDP. 

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