International relations analysts and business leaders have welcomed the European Union's consideration of new trade alliances, suggesting it may be a necessary step, as diplomats weigh the choice between accepting a quick United States deal within two weeks or risking a longer trade dispute to secure better terms.
Facing a July 9 deadline from the US to agree on trade terms, the EU is exploring an alliance with Asia-Pacific nations that could reshape global commerce.
As reported by Politico, European Commission President Ursula von der Leyen floated the idea Thursday that the EU's 27 member states could join forces with the 12-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, which includes the United Kingdom, to form a new world trade initiative, noting that US participation would not be automatic.
Speaking at the end of an EU leaders' summit in Brussels in the early hours of Friday morning, von der Leyen said such a plan would "show to the world that free trade with a large number of countries is possible on a rules-based foundation."
"This is a project where I think we should really engage on, because CPTPP and the European Union is mighty," she added.
