Eu Commission Free Trade Agreements
The European Union (EU) has been actively pursuing free trade agreements with countries all over the world for the past decade. The EU’s aim is to create an open and fair trading system for all its member states and to promote economic growth and job creation. In this article, we`ll be discussing the recent EU Commission Free Trade Agreements, and what it means for businesses and consumers in the EU.
What are Free Trade Agreements?
Free trade agreements (FTAs) are agreements that reduce or remove barriers to trade between countries. These barriers can include tariffs, quotas, and other restrictions. By reducing these barriers, free trade agreements make it easier for businesses to trade with each other, ultimately benefiting consumers through lower prices and greater choice.
The EU Commission Free Trade Agreements
Recently, the EU has been negotiating and signing a number of free trade agreements with countries around the world. Some of the most significant ones include:
EU-Japan Economic Partnership Agreement: This agreement is the largest trade agreement that the EU has ever signed, and is expected to increase EU exports to Japan by €13 billion annually. It entered into force on February 1, 2019.
EU-Canada Comprehensive Economic and Trade Agreement (CETA): The agreement has been in place since September 2017 and has removed over 99% of tariffs between Canada and the EU. It is expected to increase trade in goods and services between the two regions by more than 20%.
EU-Vietnam Free Trade Agreement: The agreement was signed on June 30, 2019, and is expected to come into effect in 2020. It will eliminate over 99% of tariffs between the EU and Vietnam, and will also open up public procurement markets, protect intellectual property, and promote sustainable development.
What do these free trade agreements mean for businesses and consumers in the EU?
For businesses, free trade agreements mean greater access to new markets and increased opportunities for growth. By reducing or eliminating tariffs, businesses can import and export goods and services more easily, ultimately leading to increased sales and profit.
For consumers, free trade agreements translate to lower prices and greater choice, as businesses are able to bring in goods and services from a wider range of sources. For example, the EU-Japan Economic Partnership Agreement will lead to lower prices of cars and electronics, while the EU-Canada Comprehensive Economic and Trade Agreement will remove tariffs on seafood, wine, and cheese.
In conclusion, the recent EU Commission Free Trade Agreements are important milestones in the EU’s efforts to promote free and fair trade globally. By reducing barriers to trade, these agreements will ultimately create more opportunities for businesses to grow and create jobs, and for consumers to access a wider range of goods and services at lower prices.
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