Evolutionary leap of the European trade policy

Trump’s trade policy has put into question many established understandings and practices in international trade. This upheaval, together with China’s aggressive trade and industrial policies, makes the status quo untenable for Europe. At the same time, this shake-up allows the EU to think outside the box and devise a completely new trade policy of its own. This is a chance to advance an alternative, modern vision of trade policy for Europe, based on social justice and sustainability, and promoting EU’s strategic objectives. Without its own vision, the EU falls into a very weak position of reacting to US and China policies. The EU needs to assume its agency and advance its own vision on trade. 

This seminar discussed what the revamped European trade strategy should be: 

• Who truly benefits from the EU’s trade policy? 
• From markets to citizens: a new vision for EU trade policy 
• Well-being first: rethinking EU trade policy for people and planet 

The seminar started with a presentation by Werner Raza, based on the draft policy brief, followed by a discussion among participants. Input from the discussion will feed into the final paper. In his paper, Raza critically examines the EU’s current trade architecture, tracing its origins and evolution. He proposes a new vision that prioritises the well-being of EU citizens, social justice, environmental sustainability, and the global common good. He also discusses the implications of this approach for the EU’s trade relations with the US, China, and developing countries, as well as the type of trade agreements the EU should pursue in light of its evolving priorities and interests. 

This seminar is part of the series of meetings within the Progressive Economics Network (PEN), co-organised by the Foundation for European Progressive Studies (FEPS), the Friedrich-Ebert-Stiftung (FES) and Das Progressive Zentrum (DPZ). For this meeting, we cooperated with the Austrian Federal Chamber of Labour (AK EUROPA). 

About the Progressive Economics Network 

The Progressive Economic Network (PEN) meets several times per year and aims to bring together senior economic advisors, leading researchers and decision-makers from across Europe and the United States. The network offers a space to strategise, exchange best practices, and form a progressive economic policy strategy on how to tackle some of the most pressing economic challenges in the areas of fiscal, monetary, trade, industrial and social policies.