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The EU strengthening its trade relations

The US, in the last year and half, has not only disengaged from the WTO but is also undermining its authority by blocking the appointment of the WTO Appellate Body’s judges. In response to this, the EU is strengthening its trade relations with the rest of the world. It recently signed trade agreements with Singapore, Vietnam and Japan. These four countries are part of the trans-Pacific partnership agreement (TPP) involving other seven Pacific-rim states including Canada, Australia, the Philippines and Thailand.

In April, the EU also finalised negotiations for a new trade agreement with Mexico. The agreement also features - for the first time - provisions on anticorruption and a stand-alone chapter on animal welfare. Besides economic benefits, such agreements include provisions on labour and environmental standards as well as mechanisms to allow civil society to monitor their implementation.

 

 
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