Existing EU Free Trade Agreements: A Comprehensive Overview

Free trade agreements (FTAs) are crucial for any country that wishes to expand its economy beyond its borders. The European Union (EU) is no exception, and over the years, it has steadily negotiated a series of FTAs with various countries across the globe.

In this article, we will discuss the existing EU free trade agreements and their significance.

European Union`s Free Trade Agreements:

1. Canada

The EU-Canada Comprehensive Economic and Trade Agreement (CETA) is one of the most comprehensive agreements signed by the EU and Canada. It aims to reduce tariffs and increase trade in goods and services between the EU and Canada.

CETA is expected to increase trade flows between the EU and Canada by 20%. The agreement also includes provisions for the protection of intellectual property rights, investment protection, and the recognition of professional qualifications.

2. Japan

The EU-Japan Economic Partnership Agreement (EPA) is the largest trade agreement ever signed by the EU. It aims to reduce tariffs and eliminate non-tariff barriers to trade in goods and services between the EU and Japan.

The agreement is expected to increase trade flows between the EU and Japan by 36%. The agreement also includes provisions for the protection of intellectual property rights, investment protection, and the recognition of professional qualifications.

3. South Korea

The EU-South Korea Free Trade Agreement (FTA) was signed in 2011 and came into force in 2012. It aims to reduce tariffs and increase trade in goods and services between the EU and South Korea.

The agreement is expected to increase trade flows between the EU and South Korea by 30%. The agreement also includes provisions for the protection of intellectual property rights, investment protection, and the recognition of professional qualifications.

4. Singapore

The EU-Singapore FTA was signed in 2018 and came into force in 2019. It aims to reduce tariffs and increase trade in goods and services between the EU and Singapore.

The agreement is expected to increase trade flows between the EU and Singapore by 10%. The agreement also includes provisions for the protection of intellectual property rights, investment protection, and the recognition of professional qualifications.

5. Vietnam

The EU-Vietnam FTA was signed in 2019 and is currently in the process of being ratified. It aims to reduce tariffs and increase trade in goods and services between the EU and Vietnam.

The agreement is expected to increase trade flows between the EU and Vietnam by 50%. The agreement also includes provisions for the protection of intellectual property rights, investment protection, and the recognition of professional qualifications.

Conclusion:

Free Trade Agreements have proved essential in creating economic growth and development in countries that have signed them. The EU has set itself ahead in the line of trade with robust and well-negotiated FTAs with various countries.

The existing EU FTAs ensure the reduction of tariffs and strengthening of trade in goods. As of today, the above are some of the most comprehensive FTAs the EU has signed, and it will be exciting to see what other FTAs they sign in the future.