The European Commission has presented a new business strategy

The European Commission (EC) on Thursday presented its new business strategy for the coming years. The strategy is based on the concept of open strategic autonomy and seeks to contribute to the EU's economic recovery by supporting green and digital transformation, as well as a refocus on strengthening multilateralism and reforming global trade rules so that they are fair and sustainable. The Commission pointed out that, if necessary, the EU would take a more assertive stance in defending its interests and values, using new instruments. According to the EC press release, the new trade strategy is based on sustainability and supports the transformation of the Union's economy into a climate-neutral economy. The strategy contains a set of measures aimed at establishing stricter rules within the World Trade Organization (WTO) and supporting the EU's economic recovery. In this context, the EC's Executive Vice-President for Trade, Valdis Dombrovskis, said the challenges facing the EU required a new trade policy strategy and open, rules-based trade that would help restore economic growth and create jobs after the corona crisis. "Trade policy must fully support the green and digital transformation of our economy and be at the forefront of global efforts to reform the WTO. It should provide us with the tools to defend ourselves against unfair trade practices. We are pursuing an open, strategic and assertive trade policy with an emphasis on The EU can choose its path and shape the world around us in the spirit of our strategic interests and values, "Dombrovskis described the situation. The EC clarified that the priority of the new strategy is a fundamental reform of the World Trade Organization, including global trade and climate commitments, new rules for digital trade, stricter rules to eliminate distortions of competition and the re-functioning of the WTO's binding dispute settlement system. The EU wants to shape global change by strengthening the transatlantic partnership and focusing more on neighboring countries and Africa. At the same time, it wants to take a more consistent and assertive approach to the implementation and enforcement of its trade agreements, to combat unfair trade and to address sustainability issues. The new business strategy is based on a wide-ranging public consultation, which included more than 400 contributions from a wide range of stakeholders, public events in almost every Member State and close cooperation with the European Parliament, EU governments, businesses, civil society and the public.