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
Ashdod Port has announced that the second section of its operational project to upgrade Platform 21 is almost complete. The project… Read More
After Brexit, UK May Be Outside Looking in on Trade
Back in April, President Barack Obama commented that if Brexit went through, the United Kingdom would head to the the… Read More
Brexit: The Supply Chain Implications
The decision by UK voters on June 23 to leave the European Union sent shock waves through financial and currency… Read More
UPS Announces Record Investment in France
UPS announced plans to build a new package sorting and delivery facility in Corbeil-Essonnes and Evry, France. The $100 million… Read More
U.S. Exporters and Brexit
It will be years, not months, before the full impact of the UK’s decision to leave the European Union can… Read More
UK Forwarders: Confront, Don’t Duck Decision On Heathrow Expansion
The trade association that represents the UK’s freight forwarding and logistics businesses is concerned that last week’s news that the… Read More
New European Border and Coast Guard to be Established
Although some foresee a difficult future for the European Union following the United Kingdom’s Brexit vote, the EU continues to… Read More
GE Announces Agreement with French Export Credit Agency
GE has announced an agreement under which COFACE, the French export credit agency, will provide an additional line of credit… Read More
First Round of EU-Mexico Negotiations to Update Economic Partnership Agreement Completed
Delegations of the European Union and Mexico met in Brussels earlier this month for the first round of negotiations to… Read More
EU Deal to Curb Trade in Conflict Minerals
The European Union agreed on a framework last week to stop the trade in conflict minerals which finance armed groups…. Read More
BREAKING NEWS: UK Votes to Leave European Union
Today is the day that many in the international community dreaded but thought would never come. After going to the… Read More
European Council Adopts Mandates on Comprehensive EU Air Transportation Agreements
The European Council last week adopted mandates that allow the European Commission to start negotiations on comprehensive EU-level air transport… Read More
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