The challenges to trade policy are multiple and complex, but Europe must commit its trading partners to multilateralism and the sustainability of world trade. This is one of the conclusions of the European Trade Policy Day, which took place on Tuesday 27 November in Brussels.
This gave the opportunity to the European Commissioner for Trade, Cecilia Malmström, and a panel of selected experts to take stock of the challenges of European trade policy, whose ability to respond to multiple challenges remains in the spotlight.
Among the most recent challenges are those facing the multilateral system: for Ms Malmström, the sanctions game being played by the Trump administration is a losing scenario for all. On the contrary, Europe needs the United States to remain committed to it, particularly in order to reform the World Trade Organisation (WTO). "Everybody needs a relationship with the US, we need to find ways to cooperate, the US is so much more than President Trump," the Commissioner said.
According to Ms Malmström, it is also time for Beijing to realise that China has too much to lose by letting the WTO stifle itself. China must accept more ambitious reforms if it does not want to see new rules of the game created outside the WTO.
The integration of horizontal issues, linked to the sustainability of free trade agreements, is another challenge to which not only Europe, but also the rest of the world must find answers. The wish list is long, from environmental and climate issues, to social and gender issues, to tax evasion.
The challenges are also domestic, said Bernd Lange, Chairman of the European Parliament's Committee on International Trade: "the promise of a better life than our own is really gone, see where Trump or the Brexit vote came from.” He stressed the need to reassure European citizens. This includes, among other things, better implementation of trade agreements and better monitoring of their impact.
Other challenges will also have to be addressed, such as technological developments and the digitisation of the economy, which are having a profound impact on the global economy. (original version in French by Hermine Donceel)