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Discover key figures in regards to the EU’s commerce with the world on this infographic: exports, imports, variety of associated jobs within the EU and extra.
The EU has at all times been about selling commerce: not solely by eradicating limitations to commerce between EU international locations, but in addition by encouraging different international locations to commerce with the EU. In 2018, EU exports represented 15.6% of world exports and EU imports 13.9%, making it one of many world’s largest commerce gamers alongside the US and China.
Commerce agreements
The EU at the moment has about 130 commerce agreements in place, pending or within the means of being adopted or negotiated.
Commerce agreements will not be solely a possibility to cut back tariffs, but in addition to get our companions to recognise EU high quality and security requirements, and to respect merchandise with a protected designation of origin, resembling champagne or Roquefort cheese. This is essential as European meals merchandise take pleasure in a worldwide status for excellence and custom.
The EU additionally makes use of commerce agreements to set requirements for setting and labour, for instance to keep away from the importation of merchandise produced utilizing baby labour.
The most recent EU commerce settlement signed was with Vietnam in 2020, which the Parliament adopted in February 2020, however many others are being negotiated. As well as, in April 2021, the Parliament accepted the EU-UK commerce and co-operation settlement.
EU imports and exports
European corporations not solely profit from economies of scale that being a part of the world’s largest single market entail, but in addition from commerce agreements that allow EU enterprises to export lots of their companies and items. On the similar time overseas corporations eager to export to the EU have to fulfill the identical excessive requirements as native corporations so there is no such thing as a threat of unfair competitors by non-EU firms chopping corners.
EU exports declined lower than imports and consequently the commerce stability elevated from €192 billion in 2019 to €217bn in 2020, a big enhance with respect to 2019 (+€191bn). The primary EU companion for exports in 2020 and 2021 was the USA and for imports China in 2020 and the UK in 2021.
The United States remained the most typical vacation spot for items exported from the EU in 2020 with a share of 18.3%. The UK was the second largest vacation spot for EU exports (14.4% of the EU complete), adopted by China (10.5%).
Commerce with non-EU international locations has led to the creation of hundreds of thousands of jobs in Europe. The European Fee estimated that in 2017 round 36 million jobs have been linked to commerce with non-EU international locations. Being in the identical single market has additionally led to extra commerce between EU international locations.
As well as the import of products and companies from outdoors the EU has pressured European firms to be extra aggressive, whereas providing customers extra alternative and decrease costs. One fifth of the export-supported jobs are situated in a unique member state than the one exporting.
Interactive map: What number of jobs are supported by exports in your nation?
As well as the import of products and companies from outdoors the EU has pressured European firms to be extra aggressive, whereas providing customers extra alternative and decrease costs.
Extra on globalisation and the EU
Try the next articles:
- Globalization: how the EU’s commerce coverage helps to advertise human rights
- EU worldwide commerce coverage defined
- Information : the advantages of financial globalisation in Europe
- Globalisation’s impression on employment and the EU
Discover out extra about international commerce
- Commerce wars: what are the EU’s commerce defence devices?
- Making certain overseas direct funding doesn’t hurt Europe’s pursuits
- Advantages of EU commerce agreements for small and medium-sized enterprises
- Commerce agreements: what the EU is engaged on
- Globalization
- Parliament approves EU-Vietnam free commerce and funding safety offers
- EU-Vietnam commerce deal: what are the advantages?
- EU-Japan relations: new commerce settlement daybreak of a brand new period
- EP provides inexperienced gentle to EU-Singapore commerce and funding safety offers
- Commerce agreements: what the EU is engaged on
- Easy methods to handle globalization: EU responses
- Making certain overseas direct funding doesn’t hurt Europe’s pursuits
- The EU’s place in world commerce in figures (infographic)
- Dumping defined: Definition and results
- Anti-dumping coverage: How EU fights unfair commerce practices
- Taking advantage of globalization: EU commerce coverage defined
- Information: the advantages of financial globalisation in Europe
- Globalization: How EU commerce coverage helps promote human rights
- From bananas to photo voltaic panels: when commerce conflicts flip unhealthy
- Commerce wars: what are the EU’s commerce defence devices?
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