Free Trade Agreements of the European Union

Course summary Free Trade Agreements of the European Union:

The European Union is the world’s biggest trader, accounting for 20% of global imports and exports. China is now the Union’s second biggest trading partner after the United States. Free tradeamong its members underpinned the launch of the EU 50 years ago. The Union is therefore keen to liberalise world trade

FTAs (Free Trade Agreements) are designed to create opportunities by:
- Opening new markets for goods and services
- Increasing investment opportunities
- Making trade cheaper - by eliminating substantially all customs duties
- Making trade faster - by facilitating goods' transit through customs and setting common rules on technical and sanitary standards
- Making the policy environment more predictable - by taking joint commitments on areas that affect trade such as intellectual property rights, competition rules and the framework for public purchasing decisions

The EU adapts its strategy to the situation of each partner country. As a general rule, the more ambitious the FTA is, the more benefits are to be gained from such agreements.

The EU’s trade policy is closely linked to its development policy.

The Union has granted duty-free or cut-rate access to its market for most of the imports from developing countries under its generalised system of preferences (GSP). It goes even further for the world’s 49 poorest countries, all of whose exports – with the sole exception of arms – enter the EU duty-free.

The European Union has developed a new trade and development strategy with its 78 partners in the Africa-Pacific-Caribbean (ACP) group aimed at integrating them into the world economy.

It also has a trade agreement with South Africa that will lead to free trade, and it is negotiating a free trade deal with the six members of the Gulf Cooperation Council (GCC) – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The EU has agreements with Mexico and Chile and has been trying to negotiate a deal to liberalise trade with the Mercosur group – Argentina, Brazil, Paraguay and Uruguay.

Example of the course Free Trade Agreements of the European Union:

EU's FTA: Egypt, Jordan, Syria, Tunisia, Palestinian Authority, EFTA, South Korea, ASEAN, GCC, Central America, Andean Countries, Mercosur, Chile, Mexico, Turkey, India,  China.