In the shadow of the trade war against the US the EU Commission is stepping up its efforts to actively expand its trade relationships globally through a series of new and ongoing trade agreements. These agreements aim to strengthen economic ties, foster growth, and promote fair and free trade practices.
The EU is prioritizing strategic partnerships with key trading partners, recognizing the importance of diversifying its trade relationships in an increasingly complex global landscape. Efforts are being made to deepen trade relations with regions such as Latin America, Southeast Asia, and Africa, aiming to unlock new market opportunities for European businesses. The Commission is actively working to modernize existing trade agreements to reflect the evolving nature of global trade. This includes incorporating provisions on digital trade, e-commerce, and the protection of intellectual property rights. The EU is increasing its focus on sustainable trade, including provisions within trade agreements that encourage partners to abide by international environmental and labor standards.
Here’s an overview of the latest developments and upcoming trade agreements:
EU-Chile Advanced Framework Agreement: The EU and Chile have recently adopted an advanced framework agreement, which is now in force. This agreement aims to deepen the trade relationship between the two regions, promoting economic cooperation and trade facilitation.
EU-India Trade Agreements: The EU and India are in the process of negotiating a comprehensive trade package, including a Free Trade Agreement (FTA), an Investment Protection Agreement, and a Geographical Indications Agreement. These agreements are expected to significantly boost trade and investment between the two economic powerhouses. The agreement is expected to be signed during the year of 2025.
EU-Mercosur Agreement: The EU-Mercosur agreement, which includes Argentina, Brazil, Paraguay, and Uruguay, has concluded negotiations and is awaiting ratification. This agreement is one of the most ambitious trade deals, covering a wide range of sectors and addressing sustainability and labor standards.
EU-Indonesia Free Trade Agreement: Negotiations for an FTA with Indonesia are underway. This agreement aims to enhance market access for goods and services, benefiting businesses and consumers on both sides.
EU-Kenya Economic Partnership Agreement: The EU-Kenya Economic Partnership Agreement (EPA) has been signed and is awaiting ratification. This agreement is part of a broader effort to strengthen economic ties with African countries, promoting sustainable development and regional integration.
EU-Philippines Free Trade Agreement: The EU is negotiating an FTA with the Philippines to foster trade and investment. This agreement is expected to create new opportunities for businesses and support economic growth in both regions.
EU-Singapore Digital Trade Agreement: The EU and Singapore are negotiating a Digital Trade Agreement to facilitate digital trade and address emerging challenges in the digital economy. This agreement complements the existing FTA and Investment Protection Agreement between the two parties.
EU-South Korea Free Trade Agreement: In force since 2015, this agreement has significantly increased trade and investment between the EU and South Korea.
EU-Japan Global Agreement: In force since 2019, this agreement has created one of the world’s largest free trade zones, covering a wide range of sectors.
EU-Canada Comprehensive Economic and Trade Agreement (CETA): Provisionally applied since 2017, CETA has facilitated trade and investment between the EU and Canada, benefiting businesses and consumers.
These agreements reflect the EU’s commitment to promoting free and fair trade, supporting economic growth, and fostering international cooperation. As negotiations continue, the EU aims to expand its trade network and strengthen its position in the global economy.
Written by
LarsGoran Bostrom
Source: EU Commission
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