The European Union (EU) has a number of trade agreements in force with various countries and regions across the world. These agreements are designed to reduce trade barriers and increase economic ties between the EU and its trade partners. In this article, we will take a closer look at some of the main EU trade agreements in force and how they benefit businesses and consumers.
One of the most significant trade agreements in force for the EU is the EU-Canada Comprehensive Economic and Trade Agreement (CETA). This agreement was signed in 2016 and has been in force since 2017. CETA eliminates tariffs on 98% of goods traded between Canada and the EU, making it easier and more affordable for businesses to trade across the Atlantic. In addition to reducing tariffs, CETA also includes provisions to protect intellectual property and promote sustainable development.
Another key trade agreement in force for the EU is the EU-South Korea Free Trade Agreement. This agreement was signed in 2009 and has been in force since 2011. The EU-South Korea agreement eliminates tariffs on almost all goods traded between the two regions, making it easier for businesses to export their products and services. The agreement also includes provisions to protect intellectual property and promote sustainable development.
The EU also has several trade agreements in force with countries in Latin America, including the EU-Mexico Free Trade Agreement and the EU-Chile Association Agreement. Both of these agreements eliminate tariffs on a wide range of goods and services traded between the EU and these countries. They also include provisions to protect intellectual property, promote sustainable development, and ensure fair competition.
Finally, the EU has a number of trade agreements in force with countries in Asia, including the EU-Japan Economic Partnership Agreement and the EU-Vietnam Free Trade Agreement. The EU-Japan agreement eliminates tariffs on almost all goods traded between the two regions, while the EU-Vietnam agreement eliminates tariffs on 99% of goods traded between the EU and Vietnam. Both agreements also include provisions to protect intellectual property and promote sustainable development.
In conclusion, the EU has a number of important trade agreements in force with countries and regions around the world. These agreements help to reduce trade barriers and increase economic ties between the EU and its trade partners, benefiting businesses and consumers alike. By promoting fair competition, protecting intellectual property, and promoting sustainable development, these agreements help to create a more prosperous and interconnected global economy.