European Commission President Ursula von der Leyen at the World Economic Forum (WEF). Photo: VCG. In a speech delivered on Tuesday at the World Economic Forum (WEF), European Comm

Europe has entered a new era of harsh geostrategic competition and will have to work together to avoid a global race to the bottom, European Commission President Ursula von der Leyen said on Tuesday at the World Economic Forum in Davos.

European Commission President Ursula von der Leyen warned of a 'global race to the bottom' using economic tools like sanctions and tariffs. She emphasized the need for innovation and cooperation to maintain global economic bonds,

Speaking at the Davos Summit, Ursula von der Leyen emphasided the EU's dedication to the Paris climate agreement and urged international cooperation, despite Trump’s decision to withdraw. View on euro

Von der Leyen’s announcement followed on the heels of a positive visit to Belgium by Indian Commerce Minister Piyush Goyal, during which he met European Trade Commissioner Maroš Šefčovič. The next round of talks on a free-trade agreement has been set for March 10-14 in Brussels.

European Commission President Ursula von der Leyen warned on Tuesday of the risk of a 'global race to the bottom' using economic tools such as sanctions, export controls and tariffs.