Common Commercial Policy
The EU is a customs union having economic agreements with most countries or blocks of countries. The EU negotiates on behalf of the member states. Most international commercial agreements can be decided by qualified majority in the Council of Ministers and with the consent of the European Parliament. See Article 207 TFEU.
The Lisbon Treaty established the full common commercial policy as an exclusive EU competence where member states can do nothing on their own.
The Lisbon Treaty added direct foreign investments and trade matters dealing with intellectual property to the competence of the common trade policy. It also introduced qualified majority votes on negotiations in the World Trade Organisation, WTO.
See Article 207 TFEU and 212.3 TFEU.
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See also Agreements with other countries, Free trade area and Legal personality.