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
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
England’s Brexit Vote May Cause Gold Rush
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MEPs Want Halt to Rail Equipment Imports from non-EU Countries
A surge in low-cost EU imports of rail supplies such as engines or signals from non-EU countries, including China, is… Read More
EU Trade in Services Continued to Rise in 2015
The international trade in services of the European Union (EU) has increased steadily and significantly over the last six years…. Read More
EU signs Economic Partnership Agreement with Southern African Countries
The European Union and six countries of the Southern African Development Community (SADC) have signed an economic partnership agreement (EPA),… Read More
European Parliament Backs Deal to End Duties on High-Tech Devices
A WTO deal struck by the European Union and 24 countries, including Japan, China, and the United States, to stop… Read More
North Seas Countries Agree on Closer Energy Cooperation
North Seas region countries—Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway and Sweden—agreed last week to further strengthen their… Read More
Ocean Shipping Alternative Fuels Studied
Methanol and ethanol are good potential alternatives for reducing both the emissions and carbon footprint of ship operations. So concludes… Read More
What Will Happen to London’s Tech Startups if Brexit Goes Through?
Supporters of Brexit— the movement for the United Kingdom to leave the European Union—are adamant that wages will rise and… Read More
2M Carriers Emphasize Reliability and Faster Transit Times
2M carriers Maersk Line and MSC last week announced details of a new Asia-North Europe network that will come into… Read More
Are East/West Trade Routes Recovering?
Since the middle of April the picture for westbound trade from Asia to North Europe “has decidedly taken a turn… Read More
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