The European Union (EU) is a major player in international trade, and has free trade agreements (FTAs) with numerous countries around the world. These agreements aim to promote economic growth and prosperity, and facilitate the movement of goods and services between countries. In this article, we will explore which countries the EU has free trade agreements with, and what these agreements entail.
The EU has FTAs with over 40 countries, including some of the world`s largest economies. These agreements cover a wide range of industries, from agriculture and manufacturing to services and intellectual property. Some of the countries the EU has FTAs with include:
1. Canada: The EU-Canada Comprehensive Economic and Trade Agreement (CETA) came into force in 2017, and eliminates tariffs on most goods traded between the two countries. It also includes provisions on services, investment, government procurement, and intellectual property.
2. South Korea: The EU-South Korea Free Trade Agreement (FTA) was signed in 2009, and is the EU`s first FTA with an Asian country. It eliminates most tariffs on goods and provides for greater access to services and investment.
3. Japan: The EU-Japan Economic Partnership Agreement (EPA) entered into force in 2019, and is one of the largest FTAs ever negotiated. It eliminates tariffs on most goods, and includes provisions on services, government procurement, and intellectual property.
4. Mexico: The EU-Mexico Global Agreement came into force in 2000, and was updated in 2018 to include a modernized FTA. It eliminates tariffs on most goods, and includes provisions on services, investment, government procurement, and labor and environmental standards.
5. Vietnam: The EU-Vietnam FTA was signed in 2019, and is awaiting ratification by both parties. It eliminates tariffs on most goods, and includes provisions on services, investment, government procurement, and labor and environmental standards.
These are just a few examples of the many free trade agreements the EU has with countries around the world. These agreements help to create jobs, increase economic growth, and promote greater cooperation between nations. The EU is currently negotiating new FTAs with countries such as Australia, New Zealand, and India, as well as modernizing existing agreements, to ensure that they remain up-to-date and effective in the rapidly changing global trade landscape.
In conclusion, the EU has free trade agreements with over 40 countries, covering a wide range of industries and issues. These agreements are an important tool for promoting economic growth and cooperation between nations, and have helped to strengthen the EU`s position as a major player in international trade. Whether negotiating new agreements or strengthening existing ones, the EU will continue to play a crucial role in shaping the global trade landscape for years to come.