The European Commission is proposing to sharpen and refocus the trade policy of the European Union, making it more effective at opening foreign markets which European companies consider most vital to their exports. Under this new strategy, which will be reviewed by the EU Council of Ministers and the European Parliament, the Commission would invite industries and governments to identify the most stubborn obstacles in specific countries that are hindering trade and investment. With the help of a special Action Group appointed within the Commission, it would select the most effective trade instruments at its disposal and ensure swifter, more coherent and more coordinated action to remove those barriers.
European industry is highly competitive worldwide, and European jobs depend on foreign trade.
While remaining vigilant to unfair trade that damages European industry, it is time for Europe to abandon its defensiveness about liberalization and focus fully on opening those markets that remain closed to our products and investment. If we are to maximize the effectiveness of Europe's market-opening objectives, we need to hear from industry and governments exactly where the worst obstacles lie and mount a fast and coordinated response to them. And we need to ensure that our partners respect their multilateral obligations, as well as making our voice heard in the broader debate over tomorrow's global trade rules. For this to work, Europe needs to use its existing armory more effectively rather than calling for new trade weapons. These suggestions will be widely circulated so that business can indicate their priorities for the WTO agenda.