This article examines the future of international trade as envisioned by the European Union (EU) through the lens of the European Economic Security Strategy (‘EESS’). The international political landscape, reshaped by recent major events such as the war in Ukraine, the definitive rupture in relations between the G7 nations and Russia and the intensifying rivalry between the United States (US) and China – along with the resulting so-called ‘decoupling’ of their economies – has led to new security challenges for the EU. The EESS aims to define EU strategies to meet these challenges, achieving not only economic, but also social and national security. The Union strategy is based on three main pillars: (1) enhancing the competitiveness of its economy by strengthening the Single Market through significant investments in strategic sectors; (2) protecting its economic security by implementing measures to safeguard its market and intellectual capital, while enhancing its supply chains; and (3) reinforcing its international relations, bearing in mind that the world is increasingly shifting towards a ‘small yard, high fence’ dynamic. The ultimate goal is to strike the right balance between EU strategic autonomy and free trade.
Global Trade and Customs Journal