EU Eyes Global Trade Expansion
(MENAFN) The European Union is accelerating its efforts to forge new trade partnerships worldwide, European Commission President Ursula von der Leyen announced Thursday. Speaking at a business event in Berlin, she stressed the importance of ensuring that EU companies maintain competitive access to key markets.
“It is crucial for us that our companies continue to have access to the (US) market, and with the agreed all-inclusive cap of 15%, they will be in a very competitive position,” von der Leyen said, referencing the latest trade accord with Washington.
However, she pointed out that the US is not the only key market for the EU. “But we should also bear in mind that 80% of our trade with countries takes place outside the US," she added.
The EU, von der Leyen revealed, is working toward finalizing a trade agreement with India by the end of this year. "We are in discussion with South Africa, Malaysia, and the United Arab Emirates, and there are others," she said. She also highlighted recent agreements with Mexico, Switzerland, and the Mercosur trade bloc, which includes Argentina, Brazil, Paraguay, and Uruguay.
Von der Leyen underscored the strategic importance of open markets, particularly for Germany, with its robust export sector. "It is precisely for Germany, with its export strength, that open markets are crucial," she said. The EU faces a host of challenges, including increasing Chinese competition, geopolitical instability, trade wars, and export restrictions from China, which are putting pressure on European supply chains.
“The competitiveness of Europe is vital for businesses, commerce, and jobs,” von der Leyen emphasized, warning that Europe must enhance its economic power to secure long-term stability.
In her remarks, she stressed that Europe's economic strength is fundamental for safeguarding peace and freedom. “We can only protect peace and freedom if we also ramp up our economic strength,” she declared. She also highlighted the need for the EU to lessen its dependence on foreign sources for critical resources, such as raw materials, defense supplies, and energy.
The push for global trade expansion comes amid increasing calls for the EU to assert itself more strongly on the international stage.
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