Europe Free Trade Agreements

Europe is a continent that comprises a diverse range of countries, each with their unique culture, language, and economy. To promote trade and economic growth, the European Union (EU) has signed several free trade agreements (FTAs) with countries around the world.

FTAs are agreements that establish a free trade area between two or more countries, where they agree to eliminate tariffs, quotas, and other trade barriers. The EU`s FTAs are designed to increase economic growth, create jobs, and provide consumers with a wider range of goods and services at lower prices.

Let`s take a look at some of the key FTAs that the EU has signed.

1. Canada:

The EU and Canada signed the Comprehensive Economic and Trade Agreement (CETA) in 2017. The agreement eliminates tariffs on 98% of all products traded between the EU and Canada. CETA also includes provisions on intellectual property rights, services, and government procurement.

2. Japan:

In 2018, the EU and Japan signed the Economic Partnership Agreement (EPA), which eliminates almost all tariffs on goods traded between the two countries. The agreement also includes provisions on services, investment, and government procurement.

3. Singapore:

The EU-Singapore FTA was signed in 2018 and is the first FTA between the EU and a Southeast Asian country. The agreement eliminates about 84% of all tariffs on goods traded between the EU and Singapore. It also includes provisions on services, government procurement, and intellectual property rights.

4. Mercosur:

The EU and Mercosur (a trading bloc comprising Argentina, Brazil, Paraguay, and Uruguay) signed an FTA in 2019. The agreement eliminates tariffs on 91% of all goods traded between the two regions and includes provisions on services, investment, and sustainable development.

5. Vietnam:

The EU-Vietnam FTA was signed in 2019 and is the EU`s most comprehensive FTA with a developing country. The agreement eliminates almost all tariffs on goods traded between the EU and Vietnam and includes provisions on services, investment, and intellectual property rights.

These FTAs have been designed to promote free trade between the EU and its partner countries, and the results have been impressive. The FTAs have led to increased trade, investment, and job creation in both regions, and have had positive effects on consumers through increased choice and lower prices.

In conclusion, the EU`s FTAs have been an important tool in promoting economic growth and development. As more countries seek to benefit from free trade, we can expect to see more FTAs between the EU and other countries in the future.