On 15 July, a coalition of 31 leading European business associations came together to call for an ambitious and open trade policy to support the EU’s competitiveness and economic prosperity.
Trade openness drives economic growth and job creation, with 1 in 5 EU jobs relying on exports. It benefits consumers by increasing choices, with 60% of Europeans acknowledging these advantages, and attracts foreign investments, fostering growth and innovation in the EU. Additionally, diversification in sourcing and exports enhances resilience and our ability to weather and overcome crises.
These figures underscore the importance of maintaining openness and growth as the core elements of the EU’s trade policy. This requires a very conscious and deliberate prioritisation of policies aimed at opening new and diversified markets through trade agreements and reducing technical barriers to trade.
Our thoughts for a successful EU trade policy for the next institutional cycle are detailed in the Joint Statement that we collectively endorse.
In short, a successful EU trade policy must focus on several critical areas which include, strengthening the openness pillar of EU trade policy by pursuing new and renewed trade agreements and improving market access; appointing a dedicated Trade Commissioner for this exclusive EU competence; and continuing to support the WTO and the international rules-based system to ensure a fair and predictable trading environment.
Finally, strengthening cooperation with third-country partners and using trade diplomacy to support an ambitious open trade policy.
