Global Counsel has supported the European Roundtable of Industrialists in producing a flagship report on the EU’s trade policy and the challenges faced in more complex geopolitical environment. The report argues that being open to trade is a source of strength for supply chains, rather than weakness, and suggests how the EU might best put into practice its new policy of open strategic autonomy. It identifies several new opportunities for transatlantic cooperation, following the change in the administration in Washington, including in aligning standards in new policy areas and working together to influence these globally.
The report acknowledges that the China relationship is one of the most important, but also one of the most challenging for the EU. It argues that we need to make steady but visible progress on the core task of rebalancing the economic relationship, both through increasing access on fair terms in China for European firms and in ensuring that Chinese firms compete on fair terms globally.
"The covid-19 pandemic has highlighted existing supply chain dependencies and led to a call for more European autonomy. However, despite the challenges, we must continue to work for free trade and openness to allow companies to adjust strategies according to their business models. Faith in the resilience of global supply chains remains strong among European business leaders and we believe these principles should be considered a source of strength for Europe.”
Jacob Wallenberg, Chair of Investor AB and Chair of the ERT Committee on Trade & Market Access
Read the report here