THE ROLE OF THE EU IN THE INTERNATIONAL ECONOMIC SYSTEM DURING THE LAST TWENTY YEARS. LEGAL ASPECTS

Abstract

The EU is a key player in the international economic system. It has, by virtue of the Treaties, the legal capacity to develop action in the field of economic relations with third countries by implementing a common policy covering trade in goods and services as well as foreign direct investments. This policy includes the conclusion of international agreements and the adoption of unilateral acts that regulate trade and investment relations with third countries. As an extroverted force, it promotes the liberalization of transactions and economic activities throughout time. In particular, since the mid2000s, it has implemented a strategy aimed at opening markets on a global scale, by conducting negotiations and concluding comprehensive economic agreements with its major partners. Towards the end of the 2010s, several factors prompted the EU to rethink and review its trade strategy, focusing on the concept of open strategic autonomy. The result of this new approach is the shift of EU trade and investment policy towards the adoption and implementation of unilateral measures as a more appropriate and effective way to achieve its objectives, safeguard its economic interests, protect its security and integrity and promote the European values.