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
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
Heathrow CEO: Why Government Should Approve Heathrow Expansion
Speaking at a recent meeting of the UK Airport Operators Association (AOA), Heathrow CEO John Holland-Kaye set out why the… Read More
Building a Crossborder Cultural Community in Europe
The European Commission will soon be taking steps to modernize the European Union’s copyright rules. So said Andrus Ansip, European… Read More
U.S.-Based Airgas Acquired by France’s Air Liquide
French industrial gas producer Air Liquide has finalized a successful bid to acquire U.S. counterpart Airgas in deal valued at about $10.3… Read More
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EU Scoreboard Shows Transportation is Improving
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European Commission Unveils Energy Infrastructure Projects
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Singapore Airlines and Lufthansa Forge Partnership
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Saltrock Sets Ambitious Bricks-to-Clicks Growth Targets in Partnership With SEKO Logistics
British lifestyle brand Saltrock is using SEKO Logistics’ fulfilment and freight forwarding solutions to help spearhead its retail expansion through… Read More
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