The EU's trade policy and new challenges

The European Union's trade policy owes its efficacy to its federal structure and to it being a concept shared by 28 Member States. The EU is a major player in world trade and the leading world exporter of services. But the world trade arena has changed due to competition created by the emerging countries and mistrust on the part of public opinion in the developed economies. The collapse of multilateralism is affecting the EU especially, since it is committed to a rules-based idea of international relations. Given the international challenges and to convince the citizens during the upcoming European elections the EU has to redesign its trade policy. A social policy will have to be added to it as well as an industrial policy to help retain its place on the markets.