Transformation of the EU foreign trade policy in modern conditions

Abstract

The paper analyzes the current state of the European Union’s foreign trade. It is determined that for the EU foreign trade is one of the most powerful development tools. It is the driver of Europe's economic prosperity and competitiveness, it activates the domestic market and underlines the strength of foreign policy. But in response to new internal and external challenges and in the context of the new sustainable development model defined by the European Green Deal and the European Digital Strategy, the EU needs to transform its trade policy strategy. An analysis of the dynamics and geographical structure of the EU foreign trade is presented, the main trends of further development are identified. In order to ensure a competitive European Union in the context of modern digital and green transformations, in the context of a post-pandemic economic recovery, the EU needs to use all trade tools to support the interests and political goals of the EU. This requires using strengths when interacting with partners. This can be achieved through the introduction of such a new paradigm of European foreign trade policy as open strategic autonomy. It combines the country's ability to act autonomously, rely on its own resources in key strategic areas and cooperate with partners when necessary and in volumes that do not make the country critically dependending from partners.