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
Trade Part of EU-Ukraine Association Agreement Operational as of First of the Year
As of January 1, 2016, the EU and Ukraine started applying the Deep and Comprehensive Free Trade Area (DCFTA) which… Read More
EU and the Philippines Launch Negotiations for a Free Trade Agreement
EU Trade Commissioner Cecilia Malmström and Philippine Secretary of Trade and Industry Gregory Domingo have started negotiations for an EU-Philippines… Read More
No Outcome Reached at Final Meeting on the EU-Ukraine Free Trade Area
EU Trade Commissioner Cecilia Malmström, Ukrainian Foreign Minister Klimkim, and Russian Minister for Economic Development Ulyukayev failed to come to… Read More
European Commission Wants Greece to Better Target Support Measures in Maritime Sector
The European Commission has sent to Greece a set of proposals to ensure that state support to the maritime sector… Read More
DB Schenker Offering Faster Connection from China to Europe Via Rail
DB Schenker is now offering a faster connection between China and the European land transport network. The German-based logistics service… Read More
DHL Tests Postbus for Parcel Courier Service
Deutsche Post DHL Group is currently testing a new same-day delivery service, Postbus Courier, via its existing long-distance bus network… Read More
European Court Overturns Fines on Airlines for Airfreight Collusion
The European General Court has annulled 790 million euros in fines imposed by the European Commission against 11 international airlines… Read More
Coface Sees Higher Risk in Global Business Picture
Of the 14 sectors monitored by the global credit insurer Coface economists in three regions of the world, there were… Read More
Chapman Freeborn Announces Launch of New Operation in Poland
Chapman Freeborn Airchartering is increasing its investment in Poland with the launch of a new office in Katowice to meet… Read More
Pilots’ Union Pulls Out of Cargolux Talks
Collective bargaining between Cargolux management and the unions were cut short after the pilots’ union LCGB pulled out of the… Read More
Merck Sharp & Dohme Extends Contract with Kuehne + Nagel
Schindellegi / CH – Merck Sharp & Dohme, (MSD) one of the world’s largest pharmaceutical companies, has extended its contract… Read More
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