International trade within European nations has benefited greatly from the establishment of the European Union. The development of the EU has rarely been consistent and often been contentious, but the result is a market area that is now the single largest in the world. In global trade, the EU is the world’s biggest exporter of manufactured goods and services, as well as the largest importer for more than 100 countries. The borders may still exist between the 28 nations that comprise the EU, but the union has made it much easier for goods, services and capital to move freely between consumers and investors. Free trade was, in fact, among the EU’s founding principles. What began with six countries in the 1950s, as a new organization formed from the European Coal and Steel Community and the European Economic Community, has evolved and expanded over subsequent decades through the addition of new member states and institutions. The EU was formally established under its current name in 1993, and in 2002 the Euro was established (amidst some controversy and member discontent) as the union’s primary legal tender. The EU also has its own parliament, central bank and court of justice. The Prominence of EU Trade EU trade is conducted under the rules established by the World Trade Organization. According to European Commission statistics, more than 16 percent of the world’s imports and exports are traded within the European Union. Free trade agreements have expanded the union’s worldwide network, generating additional growth, jobs and markets. Serving some 500 million consumers, the EU is the largest economy and the largest trading block in the world, and is likely to remain so through its open markets, secure legal investment framework, and low import tariffs.
Ashdod Port to Complete Works of Over One-Billion-Shekel Platform 21
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The first container block train from China arrived at the Port of Baku in Azerbaijan last week. A welcoming ceremony… Read More
India Defers Trade Talks With Europe
The government of India has decided to defer the proposed talks with the European Union on the Broadbased Investment and… Read More
EC supports European Farmers Facing Russian Import Ban
The European Commission has extended the safety net measures for the European fruit and vegetables sector until the end of… Read More
Retail Trade in Europe Shrank in June But Was Up Year Over Year
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Coca Cola’s European Bottlers to Merge Operations
Three European Coca-Cola bottlers have said they will to merge their operations into a single entity covering Western Europe. The proposal combines… Read More
EU Bans Chemical Used in Textile Manufacturing
The 28 countries that comprise the European Union have unanimously voted to expand an existing ban on a common chemical… Read More
EU and Vietnam Conclude Free Trade Deal
The European Union and Vietnam reached an agreement in principle yesterday in the negotiations for a Free Trade Agreement (FTA),… Read More
New Tech Hub Enables Collaboration Among UK and Vietnamese Companies
Plans for a new tech hub enabling collaboration between UK and Vietnamese technology companies were made public last week. The… Read More
European Commission Opens Investigation Into Proposed Acquisition of TNT by FedEx
The European Commission has opened an in-depth investigation to assess whether the proposed acquisition of TNT Express by FedEx Corporation… Read More
European Commission Modernizes EU Customs Procedures
The European Commission last week adopted a legal act to create a simpler, more modern and integrated EU customs system… Read More
New Distribution Center Opens at UK’s DP World London Gateway
DP World London Gateway recently celebrated the official opening of the first distribution center at what is set to become… Read More
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