The Eu A Trade Power Of The Current International Arena

The EU is widely regarded as a trade power in the current international arena. The trade policy has been a core component of the EU’s growth strategies to enhance international competitiveness by internal development, resulted from the widened and deepened regional integration (Young, 2011: 719). Assimilating neo-liberalist idea to the trade policy has promoted liberalising goods and service trades and contributed to enhancement of competitiveness in the global markets; the EU achieved the largest market in the world in 2005 (Dee and Mortensen, 2014: 3; Young, 2011: 721). Moreover, in international trade, GATT/WTO has promoted multilateral negotiations. Until Uruguay Round, the main discussion was tariff reduction in industrial goods; however, once Uruguay Round approached wider range of issues, legislation of multilateral trade rules has been more important for the WTO members and other actors (Young, 2011: 716). Under this condition, the EU has promoted its competitiveness i n the global market with internal development resulted from its territorial enlargement and the institutional system reforms; the EU has adjusted the trade policy against external actors in response to a changing world (ibid: 719). This paper examines how the EU’s external trade policy has changed. The EU has set and evaluated trade strategies in response to changing surroundings. The managed globalisation strategy in 1999-2006 focused on multilateral trade negotiations and the EU became a leadingShow MoreRelatedChin The European Union And The People s Republic Of China871 Words   |  4 Pagesthe WTO and the institutionalisation of its economic and trade cooperation with the EU, the two parts have witnessed a flourishing of their relations. 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