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In 1947, drawing on the lessons learnt from the global economic damage caused by trade protectionism and tariff wars prior to World War II, 23 countries, including the United States, initiated the General Agreement on Tariffs and Trade (GATT) as a platform for multilateral negotiations aimed at liberalising and boosting global trade. To this end, GATT members - and since 1995 the members of the then newly created World Trade Organization (WTO) - gradually reduced their import tariffs and tariff quotas ...

In this paper, we propose and analyse four scenarios of a second Trump administration鈥檚 economic policy and its impact on Europe, ranging all the way from moderate tariffs to full trade war, a full multilateral breakdown with the US leaving the IMF down to a more cooperative exchange rate realignment agreement. We assess two trade scenarios quantitatively and outline broader policy shocks and their economic consequences. Our findings highlight significant challenges for the ECB, requiring responses ...

The repeated crises of recent years, including the COVID pandemic and the Russian war on Ukraine, have disrupted trade relations in many ways. Competition on global markets has become fiercer and the rules-based multilateral order established after World War II is increasingly challenged. The tariffs imposed by the new United States (US) administration are adding to the uncertainty. Trade in goods and services accounts for 22.4 % of EU GDP 鈥� the EU is the world's biggest trading bloc and top trading ...

Were the US to impose large and lasting tariffs on its imports from the EU, the effect on the euro area (EA) would be substantial and far-reaching. We expect the direct impact to be inflationary in the US and contractionary on EA aggregate demand and output. The indirect impact through an appreciation of the dollar (partly already occurred) tends to transfer inflation from the US to Europe. The ECB should be mindful that both deflationary and inflationary influences may ensue, and be ready to adjust ...

This paper examines the impact of US protectionist trade policies on the euro area economy, focusing on macroeconomic and financial repercussions. While direct tariff effects are mitigated by exchange rate adjustments and ECB policies, broader risks arise from global trade disruptions and financial contagion. Increased risk premia on US bonds elevate European financing costs, posing fiscal challenges. We highlight the importance of trade diversification, innovation incentives, and prudent monetary ...

On 9 December 2022, 20 years after the signature of the EU-Chile Association Agreement in 2002, the EU and Chile reached an agreement in principle on a new EU-Chile Advanced Framework Agreement, which comprises modernised trade and political and cooperation pillars. Negotiations were launched in November 2017, based on a Council negotiating mandate, which was the first-ever to have been published prior to the start of negotiations. Although the trade pillar had operated smoothly and led to an expansion ...

The UNCITRAL Mauritius Convention aims to improve transparency in treaty-based investor-state arbitration. 合法博彩网站 is due to vote on giving consent to the Council's conclusion of the Mauritius Convention on transparency, on behalf of the EU, which will also allow EU Member States to ratify on their own behalf.

Alternative dispute resolution (ADR) is a process allowing complaints to be settled out of court with the assistance of an impartial dispute resolution body. Through ADR, consumers can settle a complaint against a trader for breach of contract, outside court procedures, assisted by impartial, neutral dispute mediation, arbitration or conciliation. Since 2013, the share of e commerce in the EU economy has increased significantly, up from 2 % to 4 % of EU gross domestic product (GDP), increasing the ...

The European Union鈥檚 policies influence third country trading partners鈥� domestic policy in different ways. Unilateral legislation in the green and digital fields, for example, contribute to setting global standards as traders must comply with EU requirements to access the Single market. The digital transition cooperation between Africa and the EU could lead to further regulatory convergence in the digital field. The EU's human-centric approach to digital policy, fostering consumer protection and ...

Over the past decade, corridors have occupied an increasingly important place in international connectivity initiatives. They take several forms, ranging from 'simpler' transport corridors to more complex economic corridors. For them to be successful, several conditions need to be in place, both relative to the participating countries and to the wider regions they connect. Once operational, they can bring various benefits to participating countries, both economic and societal. India has had a two-pronged ...