The European Union (EU) is one of the most significant trading blocs in the world, with free trade agreements (FTAs) in place with various countries and regions. These agreements aim to increase economic growth and promote international trade by eliminating barriers to trade such as tariffs, quotas, and other restrictions.
One of the most notable FTAs of the EU is the Transatlantic Trade and Investment Partnership (TTIP). Negotiations for the TTIP began in 2013, but the agreement has not yet been finalized. The TTIP aims to increase trade between the EU and the United States by reducing tariffs and non-tariff barriers. If the agreement were to be implemented, it could boost economic growth and create jobs on both sides of the Atlantic.
Another important FTA of the EU is the Comprehensive Economic and Trade Agreement (CETA) with Canada. The agreement, which was signed in 2016, aims to eliminate over 99% of tariffs between the EU and Canada. It also includes provisions for intellectual property protection and investment. The agreement has been provisionally applied since September 2017, and it is expected to increase trade between the two regions by over 20%.
The EU also has FTAs in place with several other countries and regions, including South Korea, Japan, and Singapore. These agreements aim to create new opportunities for businesses by eliminating barriers to trade in areas such as agriculture, services, and investment.
Free trade agreements have become increasingly important in today`s globalized economy. By eliminating trade barriers, FTAs increase competition and create new opportunities for businesses to expand. This ultimately results in increased economic growth and greater prosperity for the countries involved in the agreements.