Unlocking the power of trade

As the world’s largest trading bloc, the EU has an opportunity to use its economic power to drive greater unity within the broader European continent, build stronger alliances with the rest of the world and create a path towards greater global stability. International trade and market liberalisation have historically been the building blocks upon which stronger international partnerships have been built and are also one of the foundations upon which the process of European integration was built in post-war Europe. With an increasingly unstable world order, there is an even greater need for EU and allied non-EU European countries to forge stronger trade ties and collectively strive to be the main trading partner for emerging economies around the world, from Africa to Mercosur countries to India. The EU needs to apply what it has learned from its trade relationship with China, to ensure symmetrical and reciprocal market liberalisation. There are also lessons to be learned from how Singapore has deployed market liberalisation as an engine for prosperity and stability. This article argues that through liberalisation and a focus on the business of trade before pursuing a norms-based relationship, the power of free markets to deliver jobs, growth and a belief in democracy can be unlocked.