This content is not available in your region

Free trade and the EU: a crash course

Free trade and the EU: a crash course
By Sasha Vakulina

Free trade among the European Union members was one of the block’s founding principles.

The EU is the world’s largest single market area. Together, the European Union's members account for 16% of world imports and exports.

One-third of all EU trade last year was with the US (17.1%) and China (15.4%).

That is far ahead of Switzerland (6.7%), which takes third place.

That is according to the 2018 data, when trade tension was already escalating between the US and China.

The EU is the top trading partner for 80 countries.

The average applied tariff for goods imported into the EU is very low. More than 70% of imports enter the EU at zero or reduced tariffs.

The EU benefits from being one of the most open economies in the world and remains committed to free trade.

It actively engages with countries or regional groupings to negotiate trade agreements.