The EU's FTA Strategies in Its New Trade Policy Initiatives and Policy Implications

3 Pages Posted: 20 Sep 2017

See all articles by Heung Chong Kim

Heung Chong Kim

Korea Institute for International Economic Policy

Cheol-Won Lee

Korea Institute for International Economic Policy

Hyun Jean Lee

Korea Institute for International Economic Policy

Hyoeun Yang

Institute for Global Economics

Yoo-Duk Kang

Hankuk University of Foreign Studies

Date Written: September 5, 2017

Abstract

Beginning with the Global Europe Initiative in 2006, the EU has conducted active trade policy measures to contribute to economic growth, job creation and social cohesion in the European community. Comprehensive and high-leveled bilateral FTA initiatives, among others, have rapidly emerged as a major tool of the new trade policy to achieve such goals. More than a decade has passed since the Global Europe Initiative was declared. In the meantime, the EU successfully established several new generational FTAs with the Republic of Korea, Singapore, Vietnam and others, despite harsh economic turmoil led by global and European financial crises, the Greek crisis, Brexit, etc. This paper aims to illuminate how the goals of the new trade policy have been achieved through the EU's FTA strategies over the years since the Global Europe Initiative. To do this, we focus on three topics: EU standards, the evaluation process of market openness and the global value chain (GVC). In other words, we will evaluate how much the EU's FTA strategies have contributed to achieving globalization of EU standards, job creation through careful evaluation processes, and economic growth of the community by utilizing GVCs.

Keywords: New Trade Policy, EU standard, Evaluation process, GVC

Suggested Citation

Kim, Heung Chong and Lee, Cheol-Won and Lee, Hyun Jean and Yang, Hyoeun and Kang, Yoo-Duk, The EU's FTA Strategies in Its New Trade Policy Initiatives and Policy Implications (September 5, 2017). KIEP Research Paper. World Economy Brief 17-19, Available at SSRN: https://ssrn.com/abstract=3038745 or http://dx.doi.org/10.2139/ssrn.3038745

Heung Chong Kim (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Cheol-Won Lee

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Hyun Jean Lee

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Hyoeun Yang

Institute for Global Economics ( email )

Korea World Trade Center
Seoul
Korea, Republic of (South Korea)

Yoo-Duk Kang

Hankuk University of Foreign Studies ( email )

270 Imun-dong Dongdaemun-gu
Seoul, 130-791
Korea, Republic of (South Korea)

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