Responding to New Powers: The EU's Global Trade Strategy Moving Forward
The rapid rise of the emerging economies in the global trading system since the turn of the 21st century has generated significant uncertainty for the European Union (EU) Whilst questionsremain over the EU’s capabilities and influence in other areas of foreign policy , on trade policy and within the global trading system, the EU is undoubtedly a great power. The geopolitical shift which has seen a growing assertiveness, and influence, of the emerging economies within both global markets and global governance, has however, had significant implications for the EU as a global actor and trader, and for its approach to global trade policy. Since 1999 the EU has subsequently, and pragmatically , altered its trade strategy, moving away from its previous managed globalisation strategy (1999 - 2006), to Global Europe (2006 - 2010), to the Trade, Growth and World Affairs (TGWA) s trategy, launched in 2010 as part of the Europe 2020 Strategy for Smart, Su stainable, and Inclusive Growth.
2015 marks the half-way juncture for the Europe 2020 Strategy to which the TGWA s trategy forms a core component. With a new Juncker Commission now in office 2015 further represents a crucial opportunity to re-evaluate the EU’ s global trade policy, nd reconsider how the EU might pursue its trading interests, and develop its strategic outlook, to best adapt to a changing world. In this paper focus therefore given to the evolution of the EU’s trade strategy, its implications for the EU’s global trade policy – with particular reference to the ongoing TTIP negotiations with the United States and the WTO Doha Round – and with recommendations made for how the EU might adjust its strategic outlook for the period 2015 - 2020. Specifically it argues that the EU’s new trade strategy should maintain the pragmatic outlook of its predecessors in the pursuit of a deep and ambitious TTIP agreement, but also crucially cast an eye forward to the governance and legitimacy challenges it represents for global trade rule-making and the future of the WTO particularly.