The European Union is defining its function in globalization

The European Union is defining its function in globalization


2020-06-18 07:48:00

The European Union is reviewing its foreign economic approach. The need for that is because of the strengthening of China, the growing isolationism of the USA, and the devastating impact of the coronavirus pandemic.


A liberal MEP from Germany believes that the Union wishes to exchange greater aggressively and independently:


"The worldwide deliver chain turned into disrupted throughout the pandemic, and it makes us think about how we alternate and with whom," said Svenja Khan. "We need to triumph over our dependence on sure regions and international locations."


In the latest years, the EU has been actively negotiating unfastened trade. Agreements have been reached in this with Canada, Japan, as well as with the countries of the MERCOSUR Union in Latin America. But they're now not in a rush to ratify country wide parliaments, such as in the sort of trading power as the Netherlands.


In part, that is a worry of cheap and low-quality imports, that can flood European markets and damage neighborhood manufacturers.


The Belgian "green" MEP additionally notes the reluctance to cooperate with foreign places companions who are lagging behind modern-day trends:


"With MERCOSUR, we've an old settlement that doesn't encompass obligatory chapters on sustainable improvement and climate desires," Saskia Brikmon stated.


The biggest associate of the European Union, USA, more and more prefers to interact on a bilateral basis. President Donald Trump blocked the battle decision mechanism at the world exchange organisation.


The professional of the Barcelona center for worldwide members of the family does no longer see this because the cease of the technology of globalization and cooperation of main blocs:


"We are just in a different phase of globalization," said Anna Ayuso. - What truely exists is the crisis of the global machine of financial control. The interdependence of countries has no longer disappeared, although it can have weakened. We need institutions which can be capable of reply to modifications within the international network."


The European Commission offers itself as such an institution. This week, it launched a session technique regarding member international locations, the commercial enterprise network and civil society. By the cease of the yr, Brussels will generalize perspectives on what the EU's trade policy need to be.


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