EU forges new trade partnerships abroad
The European Union is forging new trade partnerships with regional blocs and countries such as Mercosur, India, and Australia, while managing growing tensions with the U.S. and China.
A policy report by the Parliament examines the agreements and geopolitical pressures reshaping European trade.
The report notes that the EU-Australia trade deal did not trigger a farmers’ revolt, despite concerns over tariff-free imports and food standards.
Former trade commissioner Cecilia Malmström discussed Brussels’ concessions to Washington and the EU’s recent agreements, emphasizing the need to strengthen ties across the Pacific.
The EU-India deal could become a model for stronger ties with the Global South, as it takes a more pragmatic approach to labor and environmental standards.
The EU has reached a compromise with the U.S. over the terms of their trade agreement, which was initially negotiated last July.
The Parliament’s policy report provides insight into the agreements and challenges defining the future of European trade, as the EU manages its relationships with major trading partners, including the U.S. and China, in a complex and changing trade environment. The report also highlights the lessons that can be learned from other trade agreements, such as the package of agreements between Brussels and Bern, which offers a template for the U.K. as it seeks a closer post-Brexit relationship with the European Union.
Furthermore, the EU’s trade strategy is also influenced by its relationships with other regional partners and countries, and the ongoing tensions with China, which have led to a boiling point in Europe’s China anxiety, prompting Brussels to consider getting tougher on Beijing.
