EU-US Trade Pact: Current Clarity, Yet Urgent Strategic Actions Required Immediately
The European Union (EU) and the United States reached a significant trade agreement last night, marking a crucial step towards averting potential harm for European retailers and wholesalers. This development comes amidst growing concerns about the impact of additional tariffs on the price of final goods and the future viability of many established businesses in the EU.
Trade diversification and a stronger Single Market are now considered necessities, not strategic options, for the EU. The agreement, which includes 15% import tariffs on most goods, primarily affects intermediate goods, emphasizing the need for a swift customs reform and strong, accelerated enforcement of EU legislation.
EuroCommerce, a leading organisation representing retail, wholesale, and international trade, has called for these measures, urging the Commission and Member States to prioritize efforts to strengthen the Single Market and boost competitiveness. The organisation also emphasises the importance of ensuring a level playing field with third-country traders.
The EU market is currently flooded by billions of unsafe, non-compliant products from Asia, underscoring the need for vigilance and proactivity in trade and economic policies. To combat this, the EU is encouraged to strengthen economic ties with other global partners and encourage trade diversification.
The European Commission is actively involved in promoting accelerated trade diversification within the EU. Through its Directorate-General for Trade and the European External Action Service, the Commission is implementing measures such as trade agreements, development cooperation, and initiatives like the EU's External Investment Plan to support economic diversification in partner countries.
However, the risk remains that tensions could flare again, prompting countermeasures from the EU that could pose challenges for importers with long-term contracts. In such a scenario, these tariffs provide a measure of planning security for businesses across the European Union.
In conclusion, the EU must remain vigilant, proactive, and ambitious in its trade and economic policies. The priority remains the preservation and enhancement of the Single Market, ensuring the competitiveness and resilience of European retailers and wholesalers in an increasingly interconnected global economy.
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