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Eu And The Challenges Of Rising Global Protectionism

Author

Listed:
  • Agnes Ghibuțiu

    (Institute for World Economy of the Romanian Academy)

Abstract

The slowdown in global trade growth over the post-crisis period was accompanied by steadily rising protectionist tendencies and prevalence of economic nationalism, alongside increasing public sentiment against globalization and free trade. Moreover, the last years have seen an upswing in trade protectionism, with the EU and its Member States turning into outright targets of trade restrictive measures applied by countries worldwide. Against this backdrop, our paper reviews recent trade policy developments that bear upon EU’s external trade relations, and aims at discussing: (1) dynamics and characteristics of the new protectionist measures implemented by EU's trading partners; (2) the importance of accessing external markets, and the European strategy and related trade policy kit to cope with the protectionist phenomenon; and (3) the challenges facing the EU in the changing global environment. The paper concludes that the upsurge in new protectionist measures and limited rollback of the existing ones since 2008 call for strengthening the multilateral trade framework and resuming WTO negotiations, as the most effective means to address crisis-related protectionism. Hence, EU’s efforts to tackle protectionism should be backed up by similar endeavours globally. Since the multilateral trade agenda remains at the heart of EU's trade policy,the Union should act more convincingly toward relaunching global trade cooperation

Suggested Citation

  • Agnes Ghibuțiu, 2017. "Eu And The Challenges Of Rising Global Protectionism," Romanian Economic Business Review, Romanian-American University, vol. 12(1), pages 7-27, March.
    • Handle: RePEc:rau:journl:v:12:y:2017:i:1:p:7-27
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    File URL: http://www.rebe.rau.ro/RePEc/rau/journl/SP17/REBE-SP17-A1.pdf
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    References listed on IDEAS

    as
    1. Cristina Constantinescu & Aaditya Mattoo & Michele Ruta, 2020. "The Global Trade Slowdown: Cyclical or Structural?," The World Bank Economic Review, World Bank, vol. 34(1), pages 121-142.
    2. Patrice Ollivaud & Cyrille Schwellnus, 2015. "Does the post-crisis weakness of global trade solely reflect weak demand?," OECD Journal: Economic Studies, OECD Publishing, vol. 2015(1), pages 269-267.
    3. David Haugh & Alexandre Kopoin & Elena Rusticelli & David Turner & Richard Dutu, 2016. "Cardiac Arrest or Dizzy Spell: Why is World Trade So Weak and What can Policy Do About It?," OECD Economic Policy Papers 18, OECD Publishing.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    EU; G20; trade policy; trade protectionism; World Trade Organization (WTO); trade agreements;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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