A proactive trade agenda for EU competitiveness: priorities for the next political cycle
Foreword
The beginning of the new 2024-2029 political cycle offers the European Union an opportunity to craft a trade and investment strategy that can deliver concrete benefits for citizens and companies by leveraging the EU’s influence on the global stage. For BusinessEurope, A proactive trade agenda that supports the European Union’s competitiveness is urgently needed. Our position paper offers key recommendations and ways to implement it.
With fierce international competition, a turbulent geoeconomic environment, and a scarcity of raw materials, the EU cannot afford the luxury of turning inward. The economic resilience and competitiveness of the European Union are deeply intertwined with its commitment to rules-based trade, openness, and diversification. The EU will have to define a comprehensive strategy that builds on past success stories and adapts to the present challenges. This strategy must also anticipate future trends that go beyond trade: for instance, in the areas of security, clean and critical technologies. We must ensure that the EU remains an attractive and reliable trade partner and supports companies in their pursuit of new avenues for growth and risk mitigation.
We must ensure the EU strikes the right balance between openness and economic security, pursues a new generation of bilateral arrangements with third countries, and brings stability and economic development to its neighbourhood. Relations with our two most important trading partners – the United States and China – will play a crucial role in our future competitiveness and it is imperative that the EU find ways to build a positive bilateral agenda with each of them, while managing the risk of trade frictions. Finally, the EU must remain committed to the WTO and work to ensure its future sustainability. Despite the challenges it faces, the WTO remains a safety net for companies that depend on a rules-based, enforceable trade regime to operate.
There is no time to waste. We stand ready to start working with the EU’s institutions to develop and implement a proactive trade agenda that contributes to a stronger and more competitive Union.