On Monday, March 7, 2022, Franck Riester, French Minister Delegate for Foreign Trade and Economic Attractiveness, will host a high-level conference to examine the contribution of trade policy to the development of European strategic autonomy. This event takes place one year after the European Commission unveiled its new trade policy strategy, under the French Presidency of the Council of the European Union.
European value chains have faced mounting challenges. The COVID-19 crisis laid bare vulnerabilities in supply chain security, leading to shortages and disruptions in certain sectors. Additionally, increasing global tensions, conflicts between states, and ongoing challenges within the World Trade Organization (WTO) have given rise to concerns about unfair competition practices by certain third countries. Trade has also been used as a tool by some nations to exert influence over the European Union’s political decisions and those of its member states.
In response, the European Union has been actively working to bolster its strategic autonomy over the past two years. This effort includes reviewing and coordinating its industrial and trade policies.
The European Commission’s Trade Policy Review from February 18, 2021, highlights the concept of an “open strategic economy” that involves the EU reaping international opportunities while safeguarding its interests, protecting against unfair trade practices, and advocating for a level playing field.
The conference on March 7, 2022, will delve into the role of trade policy in strengthening European strategic autonomy. Participants will engage in roundtable discussions to assess the vulnerabilities of European value chains and actions taken to enhance their resilience. They will also consider the multilateral trading system’s role in fostering rules-based trade and potential reforms within the WTO.
Furthermore, the event will shed light on EU tools designed to address unfair trade practices, such as the new instrument targeting distortions caused by foreign subsidies within the European Single Market. As trade relations become increasingly politicized, the conference will explore strategies and mechanisms to safeguard EU sovereignty and protect European companies from economic pressures exerted by third countries.
Under the French Presidency of the Council of the European Union, this conference will convene political leaders, representatives of international and European organizations, business figures, and civil society in Paris. The event will commence with opening remarks by Franck Riester, French Minister Delegate for Foreign Trade and Economic Attractiveness, and Margrethe Vestager, Executive Vice-President of the European Commission.
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