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 Border and Coast Guard Launched
The European Commission proposed to establish a new agency last December to meet the new challenges and political realities faced… Read More
Brexit—Implications for UK and European Sanctions Policy
A new report from Columbia University’s Center on Global Energy Policy outlines implications of the UK’s decision to withdraw from… Read More
European Parliamentarians Back Trade Deal With Six African Countries
The European Parliament has approved an Economic Partnership Agreement (EPA) with six member states of the South African Development Community… Read More
Brexit Leaves UK Customs Transition in Limbo
Companies involved in importing and/or exporting goods through the United Kingdom will want to keep a close eye on the… Read More
Europe to Fund Energy Connections Between Germany and Poland
The European Commission has awarded $10.4 million from the European Regional Development Fund (ERDF) for energy interconnectors between Germany and… Read More
Task Force to Oversee Britain’s European Union Exit
On June 23, the citizens of Britain voted to separate from the European Union. As of this week, Brussels has… Read More
Proposed Single EU Procedure for Aviation Security Screening
Following up on aims to promote a genuine security union and a more competitive EU security industry, the European Commission… Read More
China’s Accession to TIR Convention Opens New International Trade Routes
China has taken a key step towards the development of international economic corridors with its regional trading partners and the… Read More
EU Plywood Imports on the Increase
EU plywood imports are continuing to increase, according to a recent report from the market research firm Index Box. The… Read More
EU Requests WTO Panel Over Colombia’s Discrimination Against Imported Spirits
The European Union has requested that the World Trade Organization convene a dispute resolution panel to resolve a dispute with… Read More
EU Has Growing Surplus in Agri-Food Trade
The monthly value of EU agri-food exports in June 2016 reached $12.3 billion, slightly exceeding the export values in June… Read More
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