It is no exaggeration to say that Europe’s global competitiveness is built on trade. The European Union (EU) is the biggest global actor in international trade, with its 27 Member States collectively accounting for 19 percent of the world’s imports and exports. According to European Commission figures, some 36 million jobs in the EU depend, directly or indirectly, on trade — representing 18 percent of the total European workforce. The Commission estimates that the EU economy could increase by up to €150 billion through the completion of trade deals already under negotiation and through effective engagement with the EU’s strategic partners.
For European manufacturers like Dow who operate in global markets, an open trade agenda is essential. Open markets are especially crucial to the competitiveness of the EU chemicals industry, which delivers access to raw materials used in the manufacturing of chemicals, or feedstocks, and to new manufacturing customers and environments. Free trade policy also helps embed local companies in global production chains, making many local, small and medium-sized enterprises more competitive and creating quality jobs in Europe.
Maintaining the competitiveness of European manufacturing requires a level playing field globally, built around free and fair relations with key EU trading partners. When freely and fairly applied, global trade liberalisation is one of the most powerful forces for global economic development for both developed and developing nations around the world.