This article investigates the historical development and evolution of EU external economic law and policy. Firstly, it explores the expansion of the EU external economic competence by virtue of treaty revision and case-law. It then deals with policy aspects of EU external economic relations and delineates the changes and continuity thereof. In view of the coming into being of the Common Foreign and Security Policy by virtue of the Maastricht Treaty, and by locating the Common Commercial Policy in the context of EU external actions with the entry into force of the Lisbon Treaty, this article explores what objectives and principles should guide the external economic policies of the European Union.