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
Brexit: Bad News for UK Trade and Economy
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Post-Brexit: How Can Investors Best Plan for Known Unknowns?
On Thursday, June 23, 2016 the United Kingdom voted to leave the European Union. The initial impact of Brexit on… Read More
What Will a Post-Brexit UK-EU Relationship Look Like?
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What Does Brexit Means for UK Shipping?
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Chinese Overcapacities Affect More Than Just Steel
The European Commission is considering a deal for the steel sector in exchange for granting China the coveted Market Economy… Read More
Sale of Frankfurt-Hahn Airport: Down the Tubes?
The sale of the money-losing Frankfurt-Hahn airport in Germany to Chinese investors may be on the verge of collapse. At… Read More
European Commission Takes Steps on Transparency and Taxation
The European Commission has announced next steps in its campaign to boost tax transparency in order to fight tax evasion… Read More
European Commission launches EU-U.S. Privacy Shield
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European Commission Investigates Tax Exemptions for Belgian and French Ports
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Brexit, Stage Right: The Effects on the Transportation Industry
Under normal circumstances I very seldom concern myself with things that happen across the pond in Europe or even in… Read More
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