In a virtual meeting with members of the European Parliament’s Committee on International Trade (INTA) on Thursday, 28 May, European Commissioner for Trade Phil Hogan confirmed the early launch of the trade policy review proceedings, which will lead to a new strategy by the end of the year.
“The pandemic has also raised very legitimate questions about what kind of trade policy we will have in the future,” said the commissioner. According to him, it has started a discussion to “correct some of the shortcomings in the functioning and governance of global trade”.
A public consultation on EU trade policy will therefore be launched “in the coming weeks” in order to conclude this review with the adoption of a new communication “towards the end of the year”, Mr Hogan announced.
Building up strategic stocks, diversifying supply chains, and even strengthening the trade defence toolbox will be among the responses that the EU intends to offer in this “new normal”.
The commissioner also revisited some elements of the economic recovery package that the Commission revealed the day before (see EUROPE 12494/7), including the European priority of “open strategic autonomy” (see EUROPE 12490/27 and 12494/7)—a concept that was enthusiastically welcomed by many MEPs from all groups.
However, MEPs’ questions on the criteria for defining and identifying these strategic products went unanswered, as Mr Hogan did little more than cite medical and pharmaceutical products and digital products.
In order to contribute to the development of “EU horizontal framework on due diligence” and strengthen the sustainability dimension of global value chains, Mr Hogan confirmed that he was working closely with Commissioner for Justice Didier Reynders on a 2021 legislative initiative to oblige European companies to make European supply chains sustainable (see EUROPE 12477/24).
Mr Hogan also expressed his interest in improving responsible business conduct on EU cocoa supply chains to Heidi Hautala (Greens/EFA, Finland). (Original version in French by Hermine Donceel)