The European Union has released a statement on the implementation of its approach to sustainability in trade agreements. A new document published last month, urges for stricter enforcement of chapters related to trade and sustainable development within current treaties that have little legal weight behind them.
A controversial opinion on current developments in Europe
Looking at this document now, the so-called “Green Deal” of the European Union cannot and will not be able to last in its original form. Many different international trade agreements currently stand in the way of the Green Deal.
CBAM alone already contradicts other trade agreements. How will the EC be able to implement this without breaking international law? The WTO has already noted that CBAM will act as a double subsidy. Which is also openly demanded e.g. by the EU steel producers – because they do not want to give up their free ETS environmental certificates.
China: Most important EU trading partner has been warning for a long time
One problem will be the EU’s most important trading partner, China. The Chinese government has already warned several times that measures such as the extension of the EU Safeguard measures on steel or CBAM will be a major obstacle to the EU-China investment agreement.
EU-China investment agreement on the brink of collapse
The concluded investment agreement between the EU and China, now seems to be on the brink of collapse. The agreement had been celebrated – especially in Beijing – as an important building block for the expansion of trade and investment between the EU and Asia. This has become especially important for EU exporters as they seek new markets in the East, and as China has become the EU’s largest trading partner.
European Commission destroys future of EU industry
With its move towards more protectionism in Europe and Europeans’ fear of free trade, the European Commission is destroying the future of industrial and service companies in EU member states with ill-considered individual building blocks.
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