(BRUSSELS) – The EU Commission set out its future trade strategy Thursday, focusing on economic recovery that is green and digital, which strengthens multilateralism and reformes global trade rules.
The Commission says it is addressing one of the biggest challenges of our time and responding to the expectations of its citizens by putting sustainability at the heart of its new trade strategy, supporting the fundamental transformation of its economy to a climate-neutral one. The strategy includes a series of headline actions that focus on delivering stronger global trading rules and contributing to the EU’s economic recovery.
“We need open, rules-based trade to help restore growth and job creation post-COVID-19,” said EC trade vice-president Valdis Dombrovskis: “Equally, trade policy must fully support the green and digital transformations of our economy and lead global efforts to reform the WTO. It should also give us the tools to defend ourselves when we face unfair trade practices.”
The strategy prioritises a major reform of the World Trade Organization, including global commitments on trade and climate, new rules for digital trade, reinforced rules to tackle competitive distortions, and restoring its system for binding dispute settlement.
The new strategy will strengthen the capacity of trade to support the digital and climate transitions. First, by contributing to achieving the European Green Deal objectives. Second, by removing unjustified trade barriers in the digital economy to reap the benefits of digital technologies in trade. By reinforcing its alliances, such as the transatlantic partnership, together with a stronger focus on neighbouring countries and Africa, the EU will be better able to shape global change.
In tandem, the EU will adopt a tougher, more assertive approach towards the implementation and enforcement of its trade agreements, fighting unfair trade and addressing sustainability concerns. The EU is stepping up its efforts to ensure that its agreements deliver the negotiated benefits for its workers, farmers and citizens.
The EU executive says the strategy is based on a wide and inclusive public consultation, including more than 400 submissions by a wide range of stakeholders, public events in almost every Member State, and close engagement with the European Parliament, EU governments, businesses, civil society and the public.