HomeNewsDiplomatic NewsEU trade deals surpass €2 trillion

EU trade deals surpass €2 trillion

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Brussels, 20 November 2023:The European Union (EU) has achieved a significant milestone as the value of its trade through free trade agreements (FTAs) with global partners exceeded €2 trillion for the first time last year as reported in the 3rd Annual Report on the Implementation and Enforcement of EU Trade Policy by the European Commission.

Trade with the EU’s top 20 trade agreement partners grew by nearly 30 percent on average in the past year. This growth underscores the substantial economic impact and collaborative efforts made by the Commission, EU member states, and businesses.

The European Union in collaboration with member states and businesses has successfully broken down over 30 trade barriers across 19 countries. This proactive approach helped in unlocking €7 billion of EU exports in 2022 alone.

Part of these achievements includes the ratification of core International Labour Organization conventions by Japan and South Korea aligning with their respective trade agreements with the European Union. Furthermore, through deeper engagement with Peru and Colombia, the EU has encouraged them to launch a revision of their labor codes.

Also Read: EU and New Zealand sign free trade agreement

The European Union currently boasts the largest network of trade agreements globally, encompassing 74 countries, accounting for 44 percent of all EU trade. Trade between the European Union and its FTA partners (excluding energy products) outpaced EU trade with all other partners last year. 

These trade agreements have played an important role in sustaining trade and investment in the face of growing geopolitical challenges. European Union trade agreements have continued to deliver economic growth and bolster more resilient supply chains. European Union trade supports a substantial 670,000 small and medium-sized businesses, facilitating their exports to third countries.

Idrees Khan
Idrees Khan
Muhammad Idrees Khan is an undergraduate student pursuing a BS in Peace and Conflict Studies at the National Defence University Islamabad (NDU). He is passionate about analyzing global conflicts and understanding diplomatic strategies for peace-building. He actively engages in discussions on state security, international diplomacy, and conflict resolution. The writer can be reached at idreesbhittani123@gmail.com

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