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European Union (EU) Trade Policy

Author

Listed:
  • Stephen Woolcock
Abstract
The European Union’s (EU) role in international trade has evolved from a defensive position during the 1960s and 1970s, to being a firm supporter of a rule-based multilateral trading system as a member of the Quad (US, EU, Japan and Canada) in the 1980s and to a role in which it aspires to leadership. Shifts in relative market power with the rise of emerging markets has, however, undermined the EU’s ability to shape outcomes. Thanks to a well-developed internal acquis, the EU has developed common policies on all trade and trade-related topics, but the normative power this provides has had little discernable impact on multilateral trade outcomes. The decision-making procedures of the EU have functioned tolerably well up to now thanks to Member States having confidence and trust in the way decisions are made and the way the Commission, as agent, is controlled. The need to integrate the European Parliament (EP) into decision-making procedures following the Lisbon (TFEU) Treaty is, however, likely to result in a period of uncertainty.

Suggested Citation

  • Stephen Woolcock, 2011. "European Union (EU) Trade Policy," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    • Handle: RePEc:pal:dofeco:v:5:year:2011:doi:3863
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    Citations

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    Cited by:

    1. Valerie D’Erman, 2021. "Competing Logics of Integration: EU Trade Post-Brexit," International Studies, , vol. 58(2), pages 219-233, April.
    2. Valerie J. D'Erman, 2016. "Comparative Intergovernmental Politics: CETA Negotiations between Canada and the EU," Politics and Governance, Cogitatio Press, vol. 4(3), pages 90-99.

    More about this item

    Keywords

    European Community; European Union; GATT; international trade; multilateralism; WTO;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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