Brussels (The Brussels Morning Newspaper) – The weight of EU trade protected by the vast network of 42 agreements with 74 partners in place in 2023 was more than €2.3 trillion, having increased by over 30% over the past five years.
According to the Annual Report on the implementation and enforcement of EU trade policy published on 03 Oct 2024, EU exports to preferential trade partners are growing more steadily than overall exports and preferential arrangements with South Korea with Canada, for example, each delivers an average export increase of 7% annually and have pushed the EU more resilient in the face of global matters by providing safer, more multifarious sources of supply for our imports and markets for our exports.
Also, the European Commission has released 140 barriers to EU exports in more than 40 countries over the past five years. The reduction of barriers between 2018-2022 unclosed an additional €6.2 billion of EU exports in 2023 alone.
How do trade deals help EU businesses and SMEs?
The report stated that opening up EU export opportunities through trade deals and practical enforcement and implementation of trade policy help EU consumers and businesses, including the 680,000 EU SMEs who depend on them for growth markets. They are a component and parcel of the EU’s long-term strategy to support its companies’ competitiveness and protect its economic security.
How are EU trade agreements supporting the green transition?
The enactment of agreements such as the sustainable investment facilitation agreement finalised with Angola and the enforcement of trade and sustainable development provisions in existing contracts play a critical function in supporting the external side of the European Union’s digital and green transition.
On TSD technical cooperation, the Commission arranged on concrete actions with Peru and proposed a technical partnership program to Colombia to ensure that labour rights are esteemed and upheld.
What are the main findings of the 2024 trade policy report?
The Report, along with a Staff Working Document, describes the major developments in the EU’s preferential trade associations. It showcases the effects of the removal of trade barriers and the resolution of conflicts with the help of the EU’s strengthened toolbox of autonomous enforcement instruments. It also underscores the efforts to boost the advantages of the EU’s trade deals among stakeholders, notably the Access2Markets portal.
