In mid-2020, the European Commission launched a major review of the European Union's trade policy. The objective is to build up a fresh medium-term direction for EU trade policy, responding to a variety of new global challenges.
A strong European Union needs a strong trade and investment policy to support economic recovery, create quality jobs, protect European companies from unfair practices at home and abroad, and ensure coherence with broader priorities in the areas of sustainability, climate change, the digital economy and security.
EUROFER believes that EU trade policy should support Europe's renewed industrial policy. It should do this by pursuing a holistic approach to industrial policy and help achieve its environmental and climate policy goals. Integrated production, manufacturing value chains and technological innovation must remain and further develop within the EU to secure well-paid jobs and a green transition.
The multilateral trade framework should be strengthened to ensure stability, predictability and a rules-based environment for fair and sustainable trade, and trade policy should facilitate the transition to a greener, fairer and more responsible economy at home and abroad. Finally, in addition to existing instruments, the EU should address coercive, distortive and unfair trading practices by third countries with additional instruments.