How Many Countries Have Trade Agreements with the Eu

How Many Countries Have Trade Agreements with the Eu

The European Union (EU) is one of the largest trade partners in the world, accounting for about 16% of global imports and exports in 2020. The EU has a common trade policy and negotiates trade agreements on behalf of its member states.

Currently, the EU has trade agreements with 71 countries, covering a wide range of products and services. These agreements eliminate tariffs and other trade barriers, facilitate investments, and promote regulatory cooperation.

Some of the EU’s major trade agreements include:

1. Canada: The Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada entered into force in 2017 and eliminated tariffs on most goods and services.

2. Japan: The EU-Japan Economic Partnership Agreement (EPA) came into effect in 2019, creating one of the world’s largest free trade areas.

3. South Korea: The EU-South Korea Free Trade Agreement (FTA) has been in force since 2011, leading to increased trade and investment flows between the two sides.

4. Mexico: The EU-Mexico Global Agreement came into effect in 2000, and a new updated version was signed in 2018 to modernize and expand the trade and investment relationship.

5. Mercosur: The EU and the Southern Common Market (Mercosur) countries (Argentina, Brazil, Paraguay, and Uruguay) concluded a political agreement in 2019, which includes a comprehensive trade deal.

These agreements not only boost trade and economic growth but also promote sustainable development, human rights, and environmental protection. They also serve as a powerful tool to promote peace and stability by fostering closer ties between countries.

Apart from the above-mentioned countries, the EU also has trade agreements with countries such as Singapore, Vietnam, Chile, Colombia, Ecuador, Morocco, Tunisia, and Egypt, among others.

In conclusion, the EU’s trade agreements play a significant role in promoting international trade and economic development. With trade liberalization being a key global trend, the EU’s expanding network of trade agreements is expected to facilitate more trade and investment flows in the years to come.