The European Union and New Leading Powers: Towards Partnership in Strategic Trade Policy Areas
73 Pages Posted: 13 Feb 2009 Last revised: 25 Jun 2009
This article analyzes the potential of partnerships of the European Union (EU) with the so-called BRIC countries. The scope of analysis will be the EU vis-a-vis these countries, using three types of trade liberalization: unilateralism, bilateralism/regionalism, and multilateralism. The article argues that the EU's objective of engaging with the BRIC countries on trade matters is to establish peace, security, and prosperity in the XXI century. Trade creates economic ties and generates more wealth; thus it contributes to peace and security. The article also argues that there remains substantial scope for Brazil, China, and India to make further commitments towards greater liberalization within the services sectors and within all modes of supply provided in the General Agreement on Trade in Services. Finally, it will also be argued that the attitude of the BRIC countries to multilateralism and responsibility in global governance is questionable or unclear. For example, China and Russia are already relatively powerful. India and Brazil, however, want to become more important players, they seem to lean against traditional powers (mainly the U.S.), and tend to focus on South-South regionalism.
Keywords: European Union, BRIC countries, unilateralism, bilateralism/regionalism, multilateralism, global economic governance
JEL Classification: F02, F13, F14, F15, K33
Suggested Citation: Suggested Citation