The E.U. Common Commercial Policy

Paper Summary:

This paper explains that one of the major aims of the European Union was the creation of a single market, amalgamating all the members of the European Union into a single entity, by defining a common commercial policy, reducing the economic difference between the rich and poor members of the European Union, and stabilizing the currencies of the E.U members. The author points out that the European Union, contributing 18% of the world's exports, is the world's largest exporter, which exceeds the United States and Japan, both of whom contribute 16% of the world's exports. The paper relates that there is controversy within the European Union pertaining to the difficulties that economically weaker countries face by the terms restricting the trade in services outside the European Union and the use of their more economical labor force to increase their trade outside the European Union.

From the Paper:

"In addition, the framework of the World Trade Organization with its trade barrier regulations gives the facility to challenge any steps taken by the third world countries that run contrary to the spirit of the rules of balanced trade. The European Union has taken steps to make these measures more effective by reducing the time limit for taking such decisions and also reforming the decision making process in such a manner that makes it no longer possible for a few countries to stand against the will of the majority by blocking the implementation of retaliatory measures. Instruments for countering counterfeiting permit the stoppage of copied or pirated goods to be stopped at the border. In addition the European Union has made arrangements and negotiated agreements whereby the import of some sensitive items is restricted."

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