Towards a Reset in EU-UK Relations?

The 2024 edition of the AIG Global Trade Series explores the theme of ‘Back to the Future: A New Era of Managed Trade?’
Four years on from Britain’s departure from the EU, politicians on both sides of the Channel continue to grapple with its consequences. In recent months, the election of the Labour government in the UK and the reelection of Ursula Von der Leyen as President of the European Commission have opened a new more constructive chapter in the complex process of negotiation over the UK's relationship with its neighbours.  For the UK, mitigating Brexit's negative effects on trade and business remains a central goal in the reset of relations. For the Commission, trade issues are increasingly wrapped up in a broad concern, vividly captured in the recent Draghi report, about the EU's competitiveness and its long-term economic growth.  What are the political and economic parameters within which the UK and EU are working on a reset?  Where are the red lines and where the areas of Win-Win? And can a new deal help address the growth challenge on both sides of the Channel? 

Panellists:       
Georgina Wright, Senior Fellow and Deputy Director for International Studies, Institut Montaigne 
Dr Nicolai von Ondarza, Head of Research Division, EU/Europe, German Institute for International and Security Affairs (Stiftung Wissenschaft und Politik, SWP) 
David Henig, Director, UK Trade Policy Project, European Centre for International Political Economy (ECIPE)

Moderator:     
Rem Korteweg, Senior Research Fellow, Clingendael Institute  This podcast episode was recorded on 26 September 2024. 


Related content from GTS Contributors: 
Paper | Extraterritoriality: a Blind Spot in the EU's Economic Security Strategy | Institut Montaigne 
Paper |The UK and the EU: New Opportunities, Old Obstacles | SWP 
Report | Negotiating Uncertainty in UK-EU Relations: Past, Present, and Future | ECIPE

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The Global Trade Series is a collaboration between AIG and the following international organisations with leading expertise on global trade: the Aspen Institute Germany; CEBRI - the Brazilian Center for International Relations; Chatham House (UK); CITD - the Center on Inclusive Trade and Development at Georgetown University Law Center (US); the Clingendael Institute (The Netherlands); Elcano Royal Institute (Spain); ERIA – the Economic Research Institute for ASEAN and East Asia (Indonesia); ISPI - the Italian Institute for International Political Studies; the Jacques Delors Institute (France); RIETI - the Research Institute of Economy, Trade and Industry (Japan); and the St. Gallen Endowment for Prosperity through Trade (Switzerland).  

The views and opinions expressed in this podcast series are those of the speakers and do not reflect the views, policy or position of American International Group Inc, or its subsidiaries or affiliates (AIG). Any content provided by the speakers in this podcase series is their opinion, and is not intended to malign any religion, ethnic group, club, organization, company, individual or group of individuals or anyone or anything. AIG makes no warranty or representations as to the accuracy, completeness, correctness or validity of any information provided during this podcast series, and AIG will not be liable for any errors, inaccuracies or omissions in the information provided during this podcast series or any damages, losses, liabilities, injuries resulting from or arising from the Podcast including your use of the Podcast.

What is AIG Global Trade Series?

Back to the Future: a New Era of Managed Trade?

Globalisation’s next chapter is being written, driven by concerns about supply chain risks. The global trade in goods is increasingly seen through a security prism in capitals around the world and governments are developing new policies to reduce unwanted dependencies, seek new sources of leverage and guarantee supplies. Trade links are being reordered as policymakers scramble to secure access to strategic materials and positions in global value chains. Meanwhile, geopolitical turbulence and climate ambitions are giving rise to industrial policies, sanctions and a growing use of subsidies.

From investment screening to quotas to export controls, policymakers are proposing an increasing number of tools and policies to steer trade and investment flows. But despite worries about protectionism and fragmentation, trade continues as the private sector manages risk by embracing diversification. Elections in the US, EU, Mexico, UK, Indonesia, India and elsewhere may also lead to a reordering of the global politics of trade. Has the global trade system entered an era of managed trade? What will it mean for regional approaches to trade, and what does it mean for multilateralism and the WTO? Ultimately, the main question could be: who is in the driving seat in this brave new world for trade?