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Strengthening Free Trade
Free trade and the international division of labor are what create growth, employment and prosperity worldwide. The second wave of globalization at the end of the 20th and the start of the 21st century especially helped improve living conditions for many people, particularly in developing and emerging countries. Germany’s and Bavaria’s economic success, and therefore their prosperity, is also based in large part on free trade and an international division of labor.
There is no practical alternative to free trade. That is why the European Union must work to strengthen free trade – both multilaterally and bilaterally. We need more partners, especially given the need to diversify our foreign-trade relationships.
Specifically, that means:
- The EU must work to strengthen and reform the World Trade Organization (WTO).
- At the same time, the EU must conclude new free trade agreements with partner countries and regions.
- In doing so, the EU should establish “next-generation free trade agreements” that ensure a level playing field by considering issues like public contracts, protecting intellectual property, and appropriate standards.
- EU member states cannot prioritize national or regional special interests over European interests, because that hinders trade agreements.
