Trade should be about trade: Europe’s competitiveness is at stake

The European Parliament’s Committee on International Trade (INTA) held an exchange of views on the EU’s trade policy review with Valdis Domrovskis, Executive Vice-President of the Commission and Commissioner for Trade. Fidesz MEP Enikő Győri pointed out in her speech: “The EU has finally realized that trade policy must be used to expand business opportunities and increase prosperity. I also welcome that the Commission will act more assertively in the future to protect European interests”.

However, the EPP Group politician warned: “In October, we were afraid that in the next decade, 85% of the world’s economic growth would take place outside the EU. According to the latest estimates, this could happen in as little as three years”.

“EU trade policy must focus on trade. Trade aims to create new opportunities for companies and new jobs for citizens. This is how we can put trade policy at the service of economic growth and prosperity. This has already been recognized in other regions of the world, where they are working to break down trade barriers. In comparison, the EU is increasing the social and sustainability conditionalities vis-a-vis its partners, cutting off Europe from gaining access to new markets. It is a mistake to put more and more burdens on our companies, especially during a deep crisis. It is time to wake up”, emphasized MEP Győri.

Executive Vice-President Dombrovskis acknowledged the need to strike a balance, thus trade should ensure its original purpose, while it also contributes to the green and digital transition. It all depends on the right proportion and due consideration. At the request of Enikő Győri, the Vice-President assured the participants that they would soon launch an impact assessment prior the due diligence legislation. MEP Enikő Győri pointed out: “Europe’s competitiveness is at stake here too. We need to get an accurate picture of the impact of the directive on European companies before Brussels comes up with the draft legislation”.