value chains and the eu experience : what implications for trade policy?

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Value Chains and the EU Experience: what implications for trade policy? Alessandra TUCCI Chief Economist and Trade Analysis Unit DG Trade European Commission

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Value Chains and the EU Experience : what implications for trade policy?. Alessandra TUCCI Chief Economist and Trade Analysis Unit DG Trade European Commission. Outline. Trade in value added and the regional organisation of GVCs FDI and Multinationals operations Further data needed? - PowerPoint PPT Presentation

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Page 1: Value Chains and the EU Experience : what implications for trade policy?

Value Chains and the EU Experience: what implications for

trade policy?

Alessandra TUCCIChief Economist and Trade Analysis Unit

DG TradeEuropean Commission

Page 2: Value Chains and the EU Experience : what implications for trade policy?

Outline

• Trade in value added and the regional organisation of GVCs

• FDI and Multinationals operations

• Further data needed?

• Discussion: implications for trade and investment policy

Page 3: Value Chains and the EU Experience : what implications for trade policy?

Domestic value added in gross exports

Source: OECD-WTO TiVA

Page 4: Value Chains and the EU Experience : what implications for trade policy?

Regional GVCs?• Many of the GVCs involving EU firms are regional & DE is the main hub

Page 5: Value Chains and the EU Experience : what implications for trade policy?

EU, Turkey and China: proximity matter

Page 6: Value Chains and the EU Experience : what implications for trade policy?

Proximity in production still plays a roleProduction plants of the 100 largest car parts suppliers for EU and US

Page 7: Value Chains and the EU Experience : what implications for trade policy?

Motor vehicles: Trade or FDI?

Page 8: Value Chains and the EU Experience : what implications for trade policy?

Light Vehicle Sales by Production Region

Low import penetration across regions…..

Source: HIS Global Insight

Page 9: Value Chains and the EU Experience : what implications for trade policy?

ASIA

EU is a big investor relative to US and Japan….

Page 10: Value Chains and the EU Experience : what implications for trade policy?

Mostly services…

Page 11: Value Chains and the EU Experience : what implications for trade policy?

...but manufacturing share is higher than average extra-EU:GVCs?

Page 12: Value Chains and the EU Experience : what implications for trade policy?

• There is a limit to what you can ship from Europe: maybe more than we normally think?

• to serve far away markets you need to enter the regional value chains

Page 13: Value Chains and the EU Experience : what implications for trade policy?

More data?

• Trade in VA by ownership?

• Data on the ownership of domestic value added produced: how much of the 86% of EU value added is US owned? Asian owned? • More important when looking at the single countries

• Data on TNCs operations can shed light on this.

Page 14: Value Chains and the EU Experience : what implications for trade policy?

Some potential policy implications

• If to serve far away markets you need to enter the regional value chains

• Change of perspective: to be in (Asia) has potentially more value than to trade with (Asia)

• Defensive concerns are often exaggerated• Trade facilitation is the single most important cross-

cutting area that can boost or bust global value chain performance

• The untapped "GVC" value of FTAs lies in services and investment access

Page 15: Value Chains and the EU Experience : what implications for trade policy?

Third parties agreements

• If EU firms are part of the (Asia) value chain EU best interest lies in (Asian) regional integration

• We have a bigger stake in (Asian) regional integration than we normally think

• FTAs among "strategic partners" may fundamentally alter EU's position in GVCs• TPP: a threat or an opportunity for EU companies

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