More opportunities for the EU at WTO level.
The European Union should be able to react more decisively in international trade disputes. MEPs voted on Tuesday for a corresponding amendment to the regulation to enforce international trade rules. EU Commissioner Virginijus Sinkevičius spoke of a line of defense and an incentive to cooperate with the international community.
The measures would enable the Union to defend its interests in the event of a blockade in the World Trade Organization (WTO).
The WTO is a government organization whose members have agreed on rules for free world trade. The countries decide by consensus; any government can prevent agreements with a veto. A dispute settlement body should ensure that everyone follows the commonly agreed trade rules.
Specifically, the regulation is to be expanded to include services and intellectual property rights. Currently, the regime only allows the EU to take action on goods and public procurement. The credibility and the deterrent effect of the regulation should be increased, it said.
“Donald Trump's trade wars have made it clear that the European Union must be able to create alternatives if trading partners do not adhere to agreed rules,” commented left parliamentarian Helmut Scholz on the planned new regulation. Compliance with agreements on working conditions and climate protection would now also be enforced by the Commission if necessary. Sven Simon from the CDU spoke of an important first step towards strengthening the EU's range of trade protection instruments.
