Free trade agreements (FTAs) have become a vital tool for countries looking to promote international trade and economic growth. The European Union (EU) has been a major player in the global economy for decades, and it has signed FTAs with several countries around the world. In this article, we will take a closer look at some of the countries with free trade agreements with the EU.
Canada signed the Comprehensive Economic and Trade Agreement (CETA) with the EU in 2017. The agreement eliminated tariffs on 98% of goods traded between Canada and the EU and also opened up opportunities for trade in services. CETA has been instrumental in boosting trade between Canada and the EU, with both sides benefiting from increased exports.
The EU-Japan Economic Partnership Agreement (EPA) came into force in 2019, creating the world`s largest open economic area. The EPA removed tariffs on 97% of goods traded between Japan and the EU, and it also included provisions to protect intellectual property rights and promote sustainable development. The agreement has helped to strengthen ties between Japan and the EU, with increased investment and trade in various sectors.
The EU and South Korea signed the EU-Korea Free Trade Agreement (FTA) in 2011. The FTA eliminated tariffs on more than 99% of goods traded between the two sides and opened up opportunities for trade in services. It has been a success story for both sides, with increased exports and investments in several sectors, including automotive, electronics, and pharmaceuticals.
The EU and Mexico signed the modernized EU-Mexico Global Agreement in 2020. The agreement includes provisions to promote sustainable development, protect intellectual property rights, and open up opportunities for trade in services. It has been hailed as a forward-looking agreement that will bring substantial benefits to both sides.
The EU and Chile signed the EU-Chile Association Agreement in 2002. The agreement has been updated several times since then, with the latest update coming into force in 2019. The agreement eliminated tariffs on almost all goods traded between the two sides and also included provisions to promote sustainable development and protect intellectual property rights. The agreement has been a success story for both sides, with increased exports and investments in several sectors.
FTAs have become an important tool for countries looking to promote international trade and economic growth. The EU has signed FTAs with several countries around the world, including Canada, Japan, South Korea, Mexico, and Chile. These agreements have helped to boost trade and investment between the EU and these countries, creating opportunities for businesses and consumers alike. As the global economy continues to evolve, it is likely that the EU will continue to sign FTAs with other countries, further strengthening its position as a major player in the global economy.