EU Trade Policy and Economic Interdependence Among Member Countries

EU Trade Policy and Economic Interdependence Among Member Countries

Marko Vujosevic

Economic globalization has been characterized by rising international trade, triggering growing interdependence between economies at a global level.

EU Trade Policy and Economic Interdependence Among Member Countries

T

he EU’s trade policy was devised to serve as a central tool in terms of responding to challenges created by globalization,

turning problems into opportunities to realize the significant advantages presented by global trade.

Enforcing a trade policy at EU level rather than on a country-by-country basis adds weight to bilateral negotiations and international bodies like the World Trade Organization (WTO). The EU trade policy’s overriding objective is the increase trading opportunities for EU companies by guaranteeing fair competition and eliminating trade barriers, for example, quotas and tariffs.

EU trade policy is essential to the EU economy, affecting employment and growth. Across the EU today, an estimated 36 million jobs are dependent on exports out of the EU. On average, every €1 billion in exports to non-EU countries supports over 13,000 European jobs.

The EU trade policy protects EU businesses and individuals by ensuring the imports adhere to important consumer protection rules. The EU trade policy also promotes safety and social standards and respect for sustainable development and the environment, as well as promoting human rights.

The EU trade policy protects EU businesses and individuals by ensuring the imports adhere to important consumer protection rules. The EU trade policy also promotes safety and social standards and respect for sustainable development and the environment, as well as promoting human rights.

Visit the blog of Belgrave-based lawyer Marko Vujosevic to learn more about the laws governing international trade.