EU foreign economic diplomacy
Key messages
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The economic dimension should be an integral part of the EU global strategy. Define a long-term economic vision for the EU that has trade policy - including market access for goods, services and resources and modern and effective rules - as the central pillar and aims at retaining world leadership in trade and investment.
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Considering the current geopolitical environment and the political and security challenges the EU is currently facing, economic tools are increasingly used to pursue political objectives. In this context a good balance needs to be found, ensuring that EU’s economic interests are not unduly jeopardised.
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Set and commit to clear and consistent political and economic strategy towards key economic partners using the EU single voice in the international arena. As the European Union we have superior negotiation leverage that allows us to gain more and better promote our economic interests.
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Ensure clear governance and full coherence between the internal economic policies of the EU intending to promote competitiveness and innovation and the external dimension that aims to enhance opportunities for European companies abroad.
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Use EU leverage to generate new market opportunities for European companies in third markets, ensuring strong coordination between EU and member state actions and, most importantly, in close cooperation with business.
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Enhance the EU market access strategy making this valuable tool more efficient in addressing barriers in third countries by using all available means to solve long-standing problems.
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Improve the support to business in third countries by enhancing coordination and complementarity between EU and member state supporting structures, avoiding duplication and unwanted competition and giving preference to business-led initiatives if sustainable in the long run.
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Ensure that economic issues like trade and investment are at the core of political discussions and political and business leaders have the opportunity to exchange openly on these topics. Closer cooperation with relevant business organisations in setting agendas, defining priorities and concrete deliverables is essential.