Trade policy in the context of the US Inflation Reduction Act and the EU Green Industrial Plan
On 7 March 2023, at the request of the chairman, Mr John Bruton, the executive director of the HLGs, Stefan Schepers, chaired the meeting of the the independent tripartite High Level Group on Trade Policy Innovation. This time their brainstorming would focus on the importance of the multilateral rules-based system and free trade to ensure the competitiveness of the European Single Market against a background of increasing geopolitical challenges and protectionist intervention as exemplified by the US Inflation Reduction Act.
They expressed comments and recommendations on:
The importance of Trade in an era of shifting geopolitics;
Strengthening the multilateral rules-based system and communicating on its benefits;
Stimulating the European economy and competitiveness.
For more than ten years now, the working method has aimed for an ‘open innovation’ approach between governments, business and academia, to inject innovative policy ideas into the EU system. It results from an initiative in the Competitiveness Council.