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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 ...

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 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 ...

Our infographic shows the overview of the BRICS+ countries鈥� economic and trade relations with the EU. All 9 BRICS+ states have experienced a relatively consistent increase in their GDP per capita (PPP) since 2007. Female labour force participation rates vary significantly from country to country. At the extremes are Iran with 14.4, and Ethiopia, with 74.8%. EU trade in goods (imports and exports) with the BRICS+ countries has risen steadily comparatively to 2007 volumes. The BRICS+ group is now the ...

On 26 July 2024, after 5 years of negotiations, 82 members of the World Trade Organization (WTO) reached an agreement on the first-ever global rules on electronic commerce. The plurilateral talks were led by the co conveners Australia, Japan and Singapore, under a WTO joint statement initiative (JSI) that had attracted 91 participants, accounting for more than 90 % of global trade. While the deal is a sign that plurilateral talks have the potential to inject fresh momentum into the WTO's negotiating ...

Today's massive increase in trade volumes, combined with the need to conduct border checks for compliance with the growing number of EU standards and to stay abreast of continuously evolving trade strategies, has put EU customs authorities under a lot of pressure. Concerns have been raised that the EU's customs union is burdened by an uneven level of digitalisation across Member States, suboptimal coordination between national authorities and overall complexity. This situation creates high administrative ...

Most of the world's cobalt, a strategic raw material for the EU, is mined in the Democratic Republic of the Congo (DRC). It is then shipped to China for processing before being used, for instance, in batteries and electric vehicles (EVs). This creates inefficiencies, extra emissions and, above all, crucial critical raw material and green sector dependencies on China. The DRC wants to move up the battery supply chain. A 2021 Bloomberg study shows that building a Congolese processing plant to produce ...

A key function of the World Trade Organization (WTO) is to serve for its members as a forum for the negotiation of global trade rules. However, since the WTO's foundation in 1995, WTO members have largely failed to meet their self-defined negotiating objectives as set out in the comprehensive 2001 Doha Development Agenda (DDA). By the time of the 2024 Abu Dhabi Ministerial Conference, WTO members had settled on merely two multilateral agreements in almost 30 years: a 2013 agreement on trade facilitation ...

The Iran-backed Houthi militia, which controls large parts of Yemen, has attacked numerous commercial ships in the Red Sea since mid-November 2023 'in solidarity with the Palestinians'. This poses a significant threat to the global economy, and has led to an escalation of tensions in the Middle East. The United States has launched an international operation in the Red Sea to protect commercial vessels and keep this vital shipping route open. The EU launched its own 'purely defensive' mission, EUNAVFOR ...