BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The value of European Union's trade through free trade agreements with global partners surpassed EUR2 trillion in 2022, according to the Annual Report on the Implementation and Enforcement of EU Trade Policy.
This is for the first time in the 30 year-old history of the European bloc that the value of EU trade deals crossing this mark.
The European Commission report shows that trade with ITS top 20 trade agreement partners grew by nearly 30 percent on average last year. The Commission, working with Member States and EU businesses, also broke down over 30 barriers to trade in 19 countries. The Commission claimed that tackling barriers over the last five years helped unlock 7 billion euros of EU exports in 2022 alone.
The European Union has the largest network of trade agreements in the world, with a total of 74 countries, accounting for 44 percent of all EU trade. In 2022, trade between the EU and its trade agreement partners (excluding energy products) outgrew EU trade with all other partners. These deals have helped sustain trade and investment in a difficult global business environment characterised by growing geopolitical challenges, such as Russia's aggression against Ukraine.
The report says that trade agreements helped open new export opportunities for EU producers and farmers.
EU exports of cars and parts to South Korea increased by 217 percent, EU exports of meat to Canada increased by 136 percent, and EU services' exports to Canada rose by 54 percent. EU trade supports 670,000 small and medium sized EU businesses exporting to third countries.
In 2022, the Commission got 31 trade barriers removed in 19 partner countries. This helps boost EU exports in important sectors such as agri-food, pharmaceuticals, and health and beauty.
Examples include the US amending longstanding barriers to the import of sheep and goat products, and Costa Rica removing its decade-long 10% tax on EU imported beer.
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