Grand Strategy and the Tools of Economic Statecraft

Economic statecraft provides great powers with a set of valuable tools they can employ in pursuing grand strategies, but the importance of its contribution is often overlooked. This chapter provides a conceptual framework for understanding how policymakers can leverage the tools of economic statecraft to achieve major objectives in pursuit of their grand strategies, including: bargaining, balancing, generating power and prosperity, signaling and norms promotion, and influencing nonstate actors. It then maps how economic sanctions, foreign aid, strategic commercial policy, and institutionalized economic cooperation can best contribute to the realization of these objectives. The analysis reveals that the flexibility of economic sanctions and foreign aid in achieving numerous objectives helps explain why great powers rely so heavily upon them.

The European Union’s Common Commercial Policy and the Covid-19 pandemic: Reactions and challenges

Purpose: The general aim of the chapter is to investigate trade measures implemented in the EU in the aftermath of the Covid-19 outbreak and define general potential effects of the current economic turbulences on the future shape of the Common Commercial Policy (CCP). Design/methodology/approach: The chapter is based on literature/EU official documents studies and statistical analysis of the EU’s merchandise trade. It has been structured into three parts. The first one presents recent trends in the EU’s external merchandise trade caused by the pandemic’s economic repercussions. This is followed by ashort analysis of temporary trade restrictions implemented by many EU Members States and the EU in response to supply shocks. The third part refers to the potential impact of current trade and economic processes on the post-pandemic trade strategy of the EU. Findings: Although the future shape of global trade system and the pandemic’s impact on the nature of the CCP are subjects of high uncertainty, the conducted analysis offers some general conclusions. The implemented trade restrictions should be limited and made temporary as future trade openness is essential for economic recovery. There is also ageneral consensus that the EU’s CCP should ensure the necessary resilience to future trade distortions. However, this should not be connected with protectionism and narrowly understood self-sufficiency. Among important factors that reinforce the resilience, we should mention the solutions delivered by new technologies (e.g. automation, AI, three-dimensional printing), fair competition, higher transparency of trade policies, international standards, certification schemes, and stronger multilateral cooperation, including World Trade Organization’s reforms. The renewed trade strategy will also be accompanied with global trade and economic tendencies such as the reshoring and regionalization of trade. Originality and value: The chapter is addressed to students, scholars, and policymakers by contributing to the current debate on the post-pandemic shape of global trade relations and the future nature of the EU’s Common Commercial Policy.

MECHANISM FOR IMPLEMENTING THE COMPANY'S PRODUCT POLICY

Search for the most advanced schemes and models of the Corporation's product policy, selection of tools and mechanisms for their adaptation to the conditions of a particular market. The importance of justifying marketing decisions for the development of such a policy is of increased interest to researchers in this issue. Originality of the research. Scientific novelty consists in the development of methodological recommendations and practical proposals for improving the product policy at the enterprise. Research result. The conceptual framework of market research studies and the role of product policy in the marketing development Corporation; the specificity of marketing researches for specific food market; conducted market analysis of market conditions and formulates the algorithm of development of commercial policy on the selected segment; modeled the mechanism of implementation of managerial decisions of the Corporation in the sphere of commercial policy in its implementation.

MECHANISM FOR IMPLEMENTING THE COMPANY'S PRODUCT POLICY

Search for the most advanced schemes and models of the Corporation's product policy, selection of tools and mechanisms for their adaptation to the conditions of a particular market. The importance of justifying marketing decisions for the development of such a policy is of increased interest to researchers in this issue. Originality of the research. Scientific novelty consists in the development of methodological recommendations and practical proposals for improving the product policy at the enterprise. Research result. The conceptual framework of market research studies and the role of product policy in the marketing development Corporation; the specificity of marketing researches for specific food market; conducted market analysis of market conditions and formulates the algorithm of development of commercial policy on the selected segment; modeled the mechanism of implementation of managerial decisions of the Corporation in the sphere of commercial policy in its implementation.

Common Commercial Policy

This chapter provides an overview of the historical evolution and contemporary legal framework of the EU’s common commercial policy (CCP). A structured presentation of the most important European Court of Justice (ECJ) case law in the field recalls the scope and objectives of the CCP. Specific attention is paid to the unilateral regulation of trade, that is, the EU’s regulations on imports (including trade defence) and exports, services, intellectual property, and foreign direct investment. The chapter also presents the trade barriers and enforcement regulations in their context. Finally, it provides an outline of the main points in the EU’s Free Trade and Investment Agreements with third countries.