The European Union needs to present a united front as it faces growing challenges in global trade with the United States and China, French Economy Minister Bruno Le Maire has said.
Le Maire said on Monday that it is important for Europe to remain a global economic power and not to lose either its technological or industrial edge in comparison to the U.S. and China.
“That means the European Union Commission has to work up proposals that allow the bloc to focus more strongly on environmental protection for its imports or to draft rules that will give a boost to European products.
“The bloc must also be prepared to protect its own interests in case of a trade war with America,” he said.
He noted that some U.S. subsidies were four to six times as high as the maximum allowed by the EU Commission for industrial support.
Le Maire noted that, in France alone, investments amounting to tens of millions of euros and thousands of jobs were on the line.
That’s why it’s important for the EU to push principles of fair world trade based on rules and considerations for all sides, he said.
Eyeing a recent trip to China by German Chancellor Olaf Scholz, Le Maire also noted that the EU must present a united front to Beijing as well.
If Europe wants to remain one of the three largest economic powers of the 21st Century, then its members must speak with one voice to China, he said.
But he added that Franco-German relations remain strong.
“We are entering a new geopolitical universe, and the German-French partnership has to find a way to work in this new reality.”
