EU Touts Boosted Exports and Stronger Enforcement Tools From Its Trade Agreements
Exports from the European Union have been lifted by "effective implementation and enforcement of EU trade agreements and international trade rules," the European Commission said Oct. 27, touting over $6.3 billion in additions to EU exports since 2020. The number derives from the commission's first report on implementation and enforcement of its trade agreements that covers four areas: "(1) Making full use of the opportunities provided by EU trade agreements; (2) Supporting the uptake of trade agreements by small businesses; (3) Addressing trade barriers; (4) Enforcing trade commitments through dispute settlement."
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In assessing these four priorities, the commission said it removed 33 trade barriers in 22 countries; launched its Access to Markets online platform, which gives small and medium-sized enterprises (SMEs) support to more easily export; and made progress on key dispute settlement matters, among other things. The commission's report also detailed its enforcement actions, which include implementing its new Foreign Direct Investment screening mechanism, updating the Export Control rules, preparing new legislation to impose a new anti-coercion instrument, and developing a new tool to address the distortive effects of foreign subsidies.
“An assertive trade policy is about ensuring our partners honour their international commitments and, in the process, directly support European businesses and jobs," EU Vice President and Trade Commissioner Valdis Dombrovskis said. "As this report shows, we are making real progress on both fronts. We now have an EU Chief Trade Enforcement Officer who is fully focused on enforcing and implementing our trade agreements, and ensuring that our SMEs -- who are the backbone of the European economy -- get maximum value from our trade deals. We will soon unveil proposals to further defend our trade interests with a new anti-coercion tool.”