The European Union’s trade with the world’s poorest countries remains pitifully low and largely stagnant.
Developing countries account for one-seventh of the world’s population, but only one-fortieth of EU imports. The scope for growth is immense, and expanding trade is a win-win tool that will benefit developed and developing countries alike, as the more the poorest countries can export to the bloc, the more these countries will buy from the European Union. Up until now, EU trade policy has not focused enough on international development, and the bloc's development policy has lacked a focus on trade. The EU has taken welcome steps to remove barriers facing poor countries’ exports, but much remains to be done.
With a new EU trade commissioner due to take office on Nov. 1 — most likely current Home Affairs Commissioner Cecilia Malmström after her confirmation hearing this week — there's a new opportunity for the European Union to recognize that trade policy is not just about promoting the EU’s direct commercial interests — it can also be a key tool to stimulate economic growth in the developing world.