The European Union's (EU) Common Commercial Policy, or EU Trade Policy, is the policy whereby EU Member States delegate authority to the European Commission to negotiate their external trade relations, with the aim of increasing trade amongst themselves and their bargaining power vis-à-vis the rest of the world. The Common Commercial Policy is logically necessitated by the existence of the Customs Union, which in turn is also the foundation upon which the Single Market and Monetary Union were later established.
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Common commercial policy (EU) in the context of Commercial policy
A commercial policy (also referred to as a trade policy or international trade policy) is a government's policy governing international trade. Commercial policy is an all encompassing term that is used to cover topics which involve international trade. Trade policy is often described in terms of a scale between the extremes of free trade (no restrictions on trade) on one side and protectionism (high restrictions to protect local producers) on the other. A common commercial policy can sometimes be agreed by treaty within a customs union, as with the European Union's common commercial policy and in Mercosur.A nation's commercial policy will include and take into account the policies adopted by that nation's government while negotiating international trade. There are several factors that can affect a nation's commercial policy, all of which can affect international trade policies.