The EU Common Commercial Policy regulates international trade between EU member states and non-member countries. Trade decisions are made by the Trade Policy Committee, which has representatives from all EU member countries. The committee also consults with the EU Commission, Council, and European Parliament. Wide consultation is important for parallel and smooth decision making. The Trade Policy Committee also negotiates international trade deals on behalf of EU member states. The main advantage of the Common Commercial Policy is that it allows members of the European Union to get international goods and services at a fair price. The collective bargaining power gives the Union leverage during international trade negotiations.
On the other hand, the Common Commercial Policy creates uniform tariffs for EU member states. As a result, there is an easy movement of goods across EU member countries. Business people and companies in the European Union can sell their goods at competitive prices because the tariffs are the same across all member countries.
Since the world is constantly changing due to technology, international trade never stays the same. The demand for certain goods can increase because of those changes. For this reason, the Trade Policy Committee meets every week to discuss changes in international trade. If the tariffs for some goods and services need to be adjusted, the Committee consults with the member states and parliament before making the changes.