As the world becomes increasingly connected and globalized, trade agreements between countries have become more important than ever. One such agreement that has been making headlines in recent years is the European Union`s (EU) trade agreements with various countries around the world. Let`s take a closer look at some of the countries that have EU trade agreements in place.
Canada is one of the most notable countries with an EU trade agreement. The Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada came into effect in 2017, and is the EU`s most ambitious trade agreement to date. CETA eliminates 98% of tariffs between Canada and the EU, and opens up new opportunities for trade in goods and services. The agreement also includes provisions for protecting intellectual property and ensuring that environmental and labor standards are upheld.
Japan is another major player with an EU trade agreement. The EU-Japan Economic Partnership Agreement (EPA) came into effect in 2019, and is the world`s largest free trade agreement in terms of GDP. The EPA has eliminated almost all tariffs between Japan and the EU, and is expected to boost trade between the two regions significantly. The agreement also includes provisions for protecting intellectual property and promoting sustainable development.
South Korea is also part of the EU`s growing network of trade agreements. The EU-South Korea Free Trade Agreement (FTA) came into effect in 2011, and has led to a significant increase in trade between the two regions. The FTA has eliminated almost all tariffs on goods traded between the EU and South Korea, and has created new opportunities for businesses in both regions. The agreement also includes provisions for protecting intellectual property and ensuring that environmental and labor standards are upheld.
Mexico is another important player in the EU`s network of trade agreements. The EU-Mexico Global Agreement came into effect in 2000, and was updated in 2018 to include a comprehensive free trade agreement. The agreement eliminates most tariffs on goods traded between the EU and Mexico, and opens up new opportunities for businesses in both regions. The updated agreement also includes provisions for protecting intellectual property and promoting sustainable development.
Finally, let`s take a look at one of the EU`s more recent trade agreements: the EU-Vietnam Free Trade Agreement (FTA). The FTA came into effect in 2020, and is the EU`s second-largest trade agreement in terms of population (after the EU-Japan EPA). The agreement eliminates almost all tariffs on goods traded between the EU and Vietnam, and is expected to boost trade between the two regions significantly. The agreement also includes provisions for protecting intellectual property and promoting sustainable development.
In conclusion, the EU`s network of trade agreements with countries around the world is constantly growing and evolving. These agreements create new opportunities for businesses and promote economic growth and stability. By eliminating tariffs and promoting sustainable development, these agreements help to create a more interconnected and prosperous global economy.