EU trade agreements cover a third of the bloc`s foreign trade with third countries and amounted to 1.345 billion euros in 2019, according to the report. The agreements contributed to the EU`s total trade surplus of EUR 197 billion of EUR 113 billion and proved particularly important for European SMEs trading outside the EU – the number of which increased by an average of 6% between 2014 and 2017. The European Parliament and representatives of the Member States, as well as other EU institutions and stakeholders, will now discuss the report with the Commission. The 4th Annual Report on the Implementation of EU Trade Agreements in 2019, released today, shows the benefits of our expanding global trading network. Despite global trade tensions, the report shows that EU trade agreements continue to facilitate fair and sustainable trade and strengthen the framework of international rules. In addition, the report discusses in more detail the first year of implementation of the EU-Japan Economic Partnership Agreement and shows that “in a time of crisis, international trade is more important than ever. Our trade agreements allow EU businesses to grow outside the single market. Tariff reductions are boosting trade and we see that this is reflected in the growth of our trade with Canada and Japan,” said Valdis Dombrovskis, Executive Vice-President and Trade Commissioner. “We are taking many steps to ensure that all large and small businesses in the EU can actually use our trade agreements. That`s why we`ve just launched a new “Access2Markets” website to help them do so.
We also encourage international standards such as workers` rights and the environment in our trade agreements. Trade with the 65 preferential partners covered in the report increased by 3.4% in 2019, while total EU foreign trade increased by 2.5%. EU trade agreements with Canada and Japan have boosted trade by almost 25% and 6% respectively since they came into force. Yesterday (17 June), the UK government announced negotiations for a free trade agreement (FTA) between the UK and Australia and New Zealand. A free trade agreement between Britain and Australia will be ambitious and comprehensive. It will be a modern… The report also shows that the EU-Canada Agreement (CETA) is the world`s largest trading network for the second year of its entry into force in 2019. The fourth annual report, which covers the period from 1 January to 31 December 2019, includes 36 major EU preferential trade agreements which were concluded in 2019 for a substantial period with 65 different partners.