Transcription of The European Union and its trade partners
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The European Union and its trade partners
Fact Sheets on the European Union - European Union AND ITS trade PARTNERSOver the years, the EU has been moving away from the production of labour-intensive, low-value products in order to specialise in higher-value, branded its open economy, trade is essential to the EU. To overcome barriers to tradeand level the playing field for its businesses, the Union is negotiating a number offree trade agreements (FTAs). The EU is also a founder of and key player in theWorld trade Organisation (WTO).LEGAL BASISA rticle 207 of the Treaty on the Functioning of the European Union (TFEU) establishesthe common commercial policy as an exclusive competence of the European EU S CENTRAL POSITIONThe EU is the world s largest economy, accounting for over 20% of global grossdomestic product (GDP). Thanks to its GDP of around EUR 14 trillion and the opennessof its market, accounting for EUR 3 142 billion of exports and EUR 2 842 billionof imports in goods and services, the EU has played a central role in shaping theglobal trading system, first and foremost by supporting the WTO.
the european union and its trade partners Over the years, the EU has been moving away from the production of labour-intensive, low- value products so as to specialise in higher-value, branded goods.
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