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
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
DHL Launches New Logistics Site at Hanover Airport
DHL Express Germany has officially opened its new site at Hanover Airport. With an overall floor space of about 30,000… Read More
Virgin Atlantic and Delta Move Cargo Handling Under One Roof in UK
Virgin Atlantic Cargo and Delta Cargo have signed long-term contracts with dnata to collocate their cargo handling at eleven airports… Read More
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To inform the decision that voters in the United Kingdom will make later this month in a referendum on whether… Read More
European Backing for Windfarm off Scottish Coast
The European Investment Bank (EIB) has agreed to provide $770 million for construction of the Beatrice windfarm to be built… Read More
Japan, EU Push Forward On Trade Deal
Japan and the European Union (EU) are getting closer to a free trade agreement. For the UK government, and citizens… Read More
European Commission Releases Policy Proposals on Steel
The European Commission (EC) has released a policy paper setting out how the European steel sector can overcome its short-term… Read More
TTIP: Good for the EU, Good for the U.S.
The independent consultant carrying out a sustainability impact assessment (SIA) for the European Commission (EC) on the trade agreement being… Read More
European Commission Launches New Investigation on Chinese Steel Imports
The European Commission (EC) has launched a new anti-subsidy investigation on imports of Chinese hot-rolled flat steel, on which an… Read More
European Maritime Day Focuses on Investments in Blue Economy
Every year the international conference and exhibition that celebrate European Maritime Day offer maritime stakeholders a dynamic platform for dialogue… Read More
Denmark and the U.S. Agree to Strengthen Cooperation on Offshore Wind
Denmark and the United States have signed a memorandum to strengthen cooperation on offshore wind energy projects. Earlier this month,… Read More
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