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
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
Have EU-U.S. Trade Talks Failed?
The rhetoric flying among European negotiators of the Trans-Atlantic Trade and Investment Partnership (TTIP) sounded like a United States presidential… Read More
EU Wins WTO Dispute on Russian Pork Ban
A World Trade Organization (WTO) panel declared illegal last week the Russian import ban on live pigs, fresh pork, and… Read More
China’s Unique Logistics Story: The Silk Road on Rails
One of the biggest logistics stories coming out of China these days has been the launching of the Silk Road… Read More
Japan or the UK?: Prioritizing U.S. Trade Talks
When CNN and other networks present their year in review broadcasts in a few months, and they get to the… Read More
Economic Depression Compounds Woes of Med-U.S. Carriers
“It’s proving to be a bad time to be involved in the supply chain around the Mediterranean.” That’s Drewry’s assessment,… Read More
First Neopanamax Vessel Calls Port of Philadelphia
On Wednesday, August 3, the first of a new class of neopanamax shipping vessels called the Port of Philadelphia to… Read More
Plain Packaging Legislation: A Slippery Slope?
[Editor’s note: In May of this year plain packaging laws came into force in the UK, Ireland, and France. Tobacco… Read More
Brexit Makes TTIP More Important
In the shadow of the British referendum, the European Union and the United States finished their fourteenth round negotiations on… Read More
New UK International Trade Secretary Visits Los Angeles
The British American Business Council Los Angeles hosted UK Secretary of State for International Trade Dr. Liam Fox at a… Read More
Brexit: Bad News for UK Trade and Economy
While many are still grappling to understand the complexities of Brexit, its clearest message lies in the trail of political… Read More
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