As the world becomes more interconnected, trade agreements between nations have become increasingly important. The European Union (EU) is a prime example of an entity that has established numerous trade agreements with countries across the globe. In this article, we will explore a list of trade agreements that the EU has established.
1. North American Free Trade Agreement (NAFTA)
The EU and NAFTA formed a transatlantic partnership in 1994, which resulted in the Transatlantic Trade and Investment Partnership (TTIP). The TTIP was intended to remove trade barriers and create new opportunities for businesses across the Atlantic. However, the negotiations of TTIP were halted in 2016, and the deal was never signed.
2. Trans-Pacific Partnership (TPP)
The TPP was a trade agreement between 12 countries, including Japan, Australia, and Canada. The EU was not a member of the TPP, but there was the possibility of the EU joining the partnership. However, negotiations fell through, and in 2018, the remaining TPP members signed a new agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
3. European Economic Area (EEA)
The EEA is an agreement between the EU and three countries in the European Free Trade Association (EFTA): Iceland, Liechtenstein, and Norway. The EEA allows for the free movement of goods, services, persons, and capital between the EU and EFTA countries. It also means that these countries have a say in the development of single market laws and regulations.
4. Canada-European Union Comprehensive Economic and Trade Agreement (CETA)
CETA is a trade agreement between Canada and the EU. The agreement aims to increase trade and investment between the two regions by removing tariffs and simplifying trade procedures. It also includes provisions on intellectual property and government procurement.
5. Mercosur
Mercosur is a regional trade agreement between Argentina, Brazil, Paraguay, and Uruguay. In 2019, after two decades of negotiations, the EU and Mercosur announced that they had reached a comprehensive trade agreement. The agreement aims to boost goods and services trade and investment between the EU and Mercosur countries. However, the deal has faced criticism from environmental activists and farming groups.
6. Singapore-EU Free Trade Agreement (EUSFTA)
The EUSFTA is a trade agreement between Singapore and the EU. The agreement aims to remove tariff and non-tariff barriers to trade in goods and services between the two regions. It also includes provisions on intellectual property, public procurement, and sustainable development.
In conclusion, the EU has established numerous trade agreements with countries and regions across the globe. These agreements aim to reduce trade barriers and increase trade and investment between the EU and its partners. While some agreements have been successful, others have faced challenges and criticism. As the world continues to become more interconnected, we can expect the EU to continue to pursue free and fair trade with its partners.