The European Union'S Initiatives In The Context Of Major Changes In Global Trade Policies

In less than 15 years since the outbreak of the international financial and economic crisis in2008, trade flows and the international trading system have been affected again, this time, due to theCovid-19 pandemic. The activity of global value chains has been severely disrupted in all regions of the world, including the European Union. Therefore, the present paper aims to analyze the European Union's recent initiatives in terms of trade policies, against the background of (i) major changes that have taken place worldwide after the global financial crisis and (ii) the developments manifested during the pandemic. The findings of this study highlight the accentuation of protectionist tendencies worldwide and the increasing relevance of non-tariff instruments. A special place is held by subsidies, whose role has become even more important as a result of the pandemic. The European Commission underlines the need to review the European Union’s trade policy to support the post-pandemic economic recovery and the transition to the green and digital economy. It also remains in favor of multilateralism and reform of the World Trade Organization.