ABSTRACT
The position of the EU in the world economy has become less dominant with the emergence of new centers of gravity since the 1970s. Moreover, the strong orientation of the countries of the Union towards the regional economy decreased and consequently they have become more dependent for their economic prosperity on the rest of the world, as has been the case in all regions in the world economy. The growing significance of trade and direct investment linkages with countries outside the EU and the dynamism of newly industrializing countries in Central and Eastern Europe, Asia and Latin America have contributed to the urgency of reforming the external economic policy of the EU.
