Common Commercial Policy
The European Union manages trade and investment relations with other countries through the common commercial policy, which is an exclusive competence of the EU - so only the EU can legislate on trade matters and conclude international trade agreements. The Lisbon Treaty extended the Union's competences in the area of common commercial policy to include services, intellectual property rights and foreign direct investment.
In trade policy, the Commission has responsibility for negotiating and managing trade agreements involving tariff amendments, customs and trade provisions and protective measures. The Council plays a central role as it mandates the Commission to open negotiations and gives negotiating directives to the Commission through the Council's "Trade Committee".
The Council also adopts the measures for implementing the common commercial policy together with the European Parliament (ordinary legislative procedure).
Trade ministers meet usually twice a year within the Council, chaired by the rotating Presidency of the Council.
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