"Europe needs to import to export. " That is the slogan of the European Commission’s new strategy for securing its economic place in the world, unveiled this week by Peter Mandelson, the European Union’s commissioner for trade. The soundbite, of course, gets the economics precisely backwards: exports are the price a country must pay for its imports; Europeans toil away making stuff for others to consume only so they can in turn get their hands on the fruits of foreign labours.
But the slogan does capture two awkward truths European exporters must now confront. First, only by offering to open its own markets can the EU hope to persuade foreign countries to open theirs. But with the collapse of the Doha round of trade talks, it is not obvious to whom the Europeans should make their offers. Second, European companies are now part of elaborate global supply chains. Clumsy efforts to protect some of them from foreign competition deprive others of the chea
A. competition in cloistered domestic industries
B. opening up to foreign rivals
C. Mr Mandelson’s strategy
D. his proposals were about conquering markets abroad while EU is still so ready to raise its defenses at home
"Europe needs to import to export. " That is the slogan of the European Commission’s new strategy for securing its economic place in the world, unveiled this week by Peter Mandelson, the European Union’s commissioner for trade. The soundbite, of course, gets the economics precisely backwards: exports are the price a country must pay for its imports; Europeans toil away making stuff for others to consume only so they can in turn get their hands on the fruits of foreign labours.
But the slogan does capture two awkward truths European exporters must now confront. First, only by offering to open its own markets can the EU hope to persuade foreign countries to open theirs. But with the collapse of the Doha round of trade talks, it is not obvious to whom the Europeans should make their offers. Second, European companies are now part of elaborate global supply chains. Clumsy efforts to protect some of them from foreign competition deprive others of the chea
A. Europeans toil away making stuff for others to consume
B. Peter Mandelson unveiled new strategy for securing its economic place in the world this week
C. Slapping anti-dumping duties on other products from outside EU
D. Ask ask more foreign labours to work in EU
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