Think about countries teaming up like buddies to trade stuff and help each other. It is what bilateral trade agreements are all about. They are like special handshakes between countries that make trading things like goods as well as services easier. And when we talk about these agreements, one of the biggest partners that come to mind is the European Union, a group of countries working together.
What are the most famous ones?
Certainly, some of the most famous such agreements the EU has established with other countries are noteworthy for their impact on global trade and economic relationships. Here are a few examples:
Canada-EU Comprehensive Economic and Trade Agreement (CETA)
It is a significant trade deal between Canada and the EU. Its goal is to get rid of or lower taxes on a wide variety of things that are bought and sold, which helps trade between these two friends work better. It also has rules about investing, protecting ideas, and working together on regulations. CETA is famous for its modern way of looking at sustainable growth and making sure workers’ rights are respected.
Japan-EU Economic Partnership Agreement (EPA)
The Japan-EU EPA is among the biggest trade deals globally. It gets rid of taxes on most things that Japan and the EU trade and also has rules about services, investing, and how the government buys things. This agreement makes the economic connection between two of the world’s biggest economies stronger and encourages them to work together.
South Korea-EU Free Trade Agreement (FTA)
The South Korea-EU FTA was one of the EU’s early significant trade agreements with an Asian country. It eliminates or reduces tariffs on a wide range of goods, boosts trade in services, and enhances investment flows. This agreement has increased economic cooperation and cultural exchange between South Korea and EU member states.
Mexico-EU Global Agreement
The EU and Mexico have an extensive global agreement covering trade, political dialogue, and cooperation in various sectors. The two parties have worked to modernize this agreement, aiming to strengthen trade relations, enhance regulatory alignment, and promote sustainable development.
Singapore-EU Free Trade Agreement (EUSFTA)
The EUSFTA is one of the EU’s agreements with Southeast Asian countries. It aims to eliminate tariffs and trade barriers, promote investment, and provide new business opportunities in both regions. The agreement also includes provisions on sustainable development and labor rights.
