In a new paper published today, BusinessEurope has stressed that the EU must use the new legislative cycle to reboot its trade agenda. BusinessEurope Director General Markus J. Beyrer said:
“During the next institutional cycle, we call on EU leaders to adopt a trade agenda that is proactive, creative and forward-looking. To rebalance the focus placed in recent years on its defensive toolkit, the EU must develop an ambitious diversification strategy.
This requires a creative approach, as one size does not fit all when it comes to the EU’s trading relationships. The EU should pursue a new generation of bilateral arrangements with third countries, proposing a wide range of options and instruments to partners. This should include: fully-fledged trade agreements, sectorial agreements for willing sectors, partnerships on digital, critical raw materials or regulatory cooperation, and initiatives under the Global Gateway. The EU must tailor its approach to the level of development of partner countries and reduce ambition when necessary. A more extensive use of ‘cumulation of rules of origin’ for willing sectors should also be considered, along with open trade agreements that allow third countries to join.
Relations with our two most important trading partners – the United States and China – will also play a crucial role in ensuring the EU’s future competitiveness. Regarding the Transatlantic relationship, the costs of doing business across the Atlantic should be reduced, for example, via a mutual recognition agreement on conformity assessment. When it comes to China, the EU should be assertive and united in protecting its economic interests. At the same time, there must be continued engagement with China on foreign policy, trade and investment.
Finally, the EU must remain committed to the WTO and work to ensure its sustainability into the future. Despite its challenges, the WTO remains a safety net for companies that depend on a rules-based and enforceable trade regime to operate.”
To read BusinessEurope’s full publication, click here.
