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Recently, European Commission has set its trade strategy for the future that reflects open autonomy. This strategy will help the trade to support the climate and digital transitions. Now, the EU will contribute to the economic recovery by supporting the digital transformations and will focus on strengthening global trade rules to ensure sustainability.
EU will now take a stance to defend its values through new tools, if necessary. This new strategy includes several actions which mainly focus on delivering the trading rules across the globe and contributing to its economic recovery. The European Green Deal objectives will now be achieved with this strategy. This will also remove the trade barriers in the digital economy, making the trade benefit digital technologies.
There are many challenges faced by European Union that needed to be addressed. These challenges include climate change, environmental degradation, economic recovery, international tensions, and greater unilateralism. This new strategy will establish a new trade policy based on sustainability, assertiveness, and openness.
· To support the fundamental transformation and recovery of the European economy.
· To increase the capacity of the EU to enforce its rights.
· To shape the trade rules across the globe for fair and sustainable globalization.
· It will reform the World Trade Organization.
· It will promote the digital transition and trade.
· It will strengthen the regulatory impact of the European Union.
· It will support the green transition and will promote sustainable value chains.
European Union has always been in support of multilateralism and rule-based order. This policy will update the rulebook to take into account the economic developments. These reforms are much required to ensure predictability and stability in trading. This European Union policy will intensify its engagement with countries like Africa, Latin America, and the Asia Pacific.