Bangladesh, Oct. 5 -- Anniversaries often invite introspection. For the European Union, marking 30 years since the launch of the Barcelona Process-the grand attempt to build a framework of peace, prosperity, and partnership with its southern neighbors-should have been a moment to celebrate shared progress. Instead, it has become an occasion for uncomfortable accounting. The figures tell a sobering story: an estimated $108.6 billion in potential trade between the EU and southern Mediterranean countries remains unrealized. It is a symbol of missed opportunities, shifting loyalties, and a partnership now operating at a structural deficit.

As Brussels prepares to unveil its new “Pact for the Mediterranean” in late 2025, it does s...