2019 Report on Implementation of Eu Free Trade Agreements
The European Union (EU) is one of the largest trading blocs in the world, accounting for approximately 16% of global trade. In recent years, the EU has been actively negotiating and implementing free trade agreements (FTAs) with countries around the world, and 2019 was no exception.
The 2019 report on the implementation of EU free trade agreements highlights the progress made in the implementation of these agreements and the benefits that they have brought to the EU and its trading partners.
According to the report, the EU has made significant progress in implementing its FTAs, particularly with Japan, Singapore, and Canada. These agreements have led to increased trade flows, improved market access for EU companies, and the creation of new opportunities for small and medium-sized enterprises (SMEs).
For instance, under the EU-Japan FTA, Japan has eliminated tariffs on 97% of EU exports to the country, while the EU has eliminated tariffs on 99% of Japanese exports to the EU. As a result, EU exporters of agricultural products, such as wine, cheese, and meat, have seen significant increases in their exports to Japan. On the other hand, Japanese companies have gained easier access to the EU market, particularly in the automotive and electronics sectors.
Similarly, the EU-Singapore FTA has eliminated tariffs on the vast majority of trade between the two partners, providing new opportunities for EU exporters of pharmaceuticals, chemicals, and machinery. At the same time, Singaporean companies have gained greater access to the EU market, particularly in the areas of financial services and electronics.
The report also notes that the EU-Canada Comprehensive Economic and Trade Agreement (CETA) has been provisionally applied since 2017, leading to increased trade flows and reduced trade barriers between the two partners. Under CETA, Canada has eliminated tariffs on a wide range of EU products, including agricultural goods, while the EU has eliminated tariffs on Canadian seafood, among other products.
Overall, the report highlights the importance of FTAs in promoting trade, boosting economic growth and job creation, and improving market access for EU companies and consumers. At the same time, the report acknowledges that there are challenges in implementing FTAs, particularly in areas such as customs procedures, intellectual property rights, and regulatory cooperation.
In conclusion, the 2019 report on the implementation of EU free trade agreements underscores the EU`s commitment to promoting free and fair trade around the world. Through its FTAs, the EU is creating new opportunities for businesses, boosting economic growth and creating jobs, and strengthening its position as a global leader in trade and investment.
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