The European Union (EU) is one of the most prominent trading blocs in the world, and as such, it has signed numerous free trade agreements with other countries and regions. These agreements aim to eliminate trade barriers and promote economic growth and cooperation.
Currently, the EU has several free trade agreements in force, including agreements with Canada, Japan, Singapore, and South Korea, among others. These agreements are designed to benefit both parties by increasing market access and reducing tariffs on goods and services.
One of the most significant trade agreements in force for the EU is the Comprehensive Economic and Trade Agreement (CETA) with Canada. Signed in 2016, CETA eliminates more than 98% of tariffs on goods traded between Canada and the EU. The agreement also includes provisions on services, investments, and intellectual property rights.
Another important trade agreement for the EU is the Economic Partnership Agreement (EPA) with Japan. The EPA, which entered into force in February 2019, aims to promote trade and investment between Japan and the EU by eliminating tariffs on a wide range of products and services. The agreement also includes provisions on intellectual property, government procurement, and labor rights.
For the EU, trade agreements are not only about increasing market access and promoting economic growth; they also play a vital role in advancing the EU`s geopolitical goals. By signing free trade agreements with other countries and regions, the EU can strengthen its ties with these countries and promote its values and principles on the global stage.
In conclusion, the EU has several free trade agreements in force, and they are crucial in promoting economic growth and cooperation with other countries and regions. By eliminating trade barriers and increasing market access, these agreements benefit both parties and help to advance the EU`s geopolitical goals. As such, the EU will continue to prioritize the negotiation and implementation of free trade agreements in the future.