The future of the European Union does not depend upon the results of the United States presidential elections. Instead of focusing on election results, the EU should need to strengthen itself and improve trade rules. To tackle the changing world situation, the European Union needs to build a strong global partnership.
Nowadays, the different conflicts in various places of the world, such as in the Middle East, Ukraine, the Korean Peninsula, etc, highlight that there is no powerful leader in the world. Global problems can never be solved by the idea of a ‘G2’ alliance between the United States and China. The US is busy solving its own issues, like division from the presidential election campaigns. At the same time, China is struggling with economic complexities, like low Consumer spending.
The absence of strong leadership becomes the reason for long-lasting conflicts. This war has led to more violence and suffering. Furthermore, different nations are competing to get power which increases the chance of worsening the conflict. This is a big complex for the European Union, whose neighboring regions are unstable. And the US, its main ally, is looking more inward than ever.
The future of Europe does not depend upon the US election or any American leader such as Kamala Harris or Donald Trump. Europe’s fate lies in its own hands. For the past many years, the EU has been suffering from many crises. It includes the 2008 financial crash, Brexit, the pandemic, and the conflict in Ukraine.
This resilience highlights Europe’s strength but also exposes its vulnerabilities. Furthermore, the EU’s unity is in danger due to increasing nationalism within member states. This is because when Trump’s administration showed favoritism to nationalist governments in Poland and Hungary, which risked the European Union’s cooperation. The EU’s future can only be secured if it strengthens its economy, democracy, and defense. Building relations with nations across
Africa, Asia, and Latin America can also strengthen Europe. By aligning its trade, climate, and finance policies with global interests, the EU can prepare for a future where it relies more on its strength.
The economic stability of the European Union depends upon the green transition and digital transformation. For this purpose, the European Union needs to secure access to raw materials. However, due to a lack of enough production, the European Union faced a dependency risk. Furthermore, current agreements related to raw material with other nations are often seen as one-sided. It provides little benefit to the supplier. Expanding “Global Gtaeway” is important for the European Union to balance these partnerships.
Ingress to financing is a notable barrier for partner countries in Africa and Central Asia, where the EU may grasp the European Investment Bank’s support to uplift economic resilience. The economic hitch in Latin America would be enhanced via strategic trade agreements with Mexico and the Mercosur alliance. Endorse these harmony will improve trade hopes and fortify the EU’s shielding against external economic pushes.
Over the next five years, the EU should enlarge its influence in the Indo-Pacific area, which is decisive and has some of the world’s fastest-growing economies. The EU may cooperate with the Comprehensive and Progressive Report for Trans-Pacific Partnership (CPTPP), which includes 12 nations, including the UK, Canada, and Japan, and represents over 13% of global GDP.
Even though the EU now has trade agreements with nine CPTPP members, connecting existing accords and including the other three countries will ease trade by creating common requirements for sustainability, digital trade, and economic security.
The Atlantic, Pacific, and Indian Oceans would form a “three oceans alliance” as an additional stage. Through the creation of a sizable economic zone, this sympathy would increase the EU’s and the CPTPP’s resistance to international political influences.
The EU should also keep demonstrating to the World Trade Organization (WTO) that it supports accords with like-minded nations and fair dispute resolution processes. The EU can improve its reputation internationally and move forward with resilience, sustainability, and economic stability in an unpredictable world by tackling these issues.
