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As the European Union (EU) continues to expand its global trading relationships, many countries have sought to establish preferential trade agreements with the economic bloc. These agreements provide certain advantages to the countries involved, such as lower tariffs on goods and services and greater access to markets.
Here are some of the countries that have established preferential trade agreements with the EU:
1. Canada
Canada signed a Comprehensive Economic and Trade Agreement (CETA) with the EU in 2017, which eliminated almost all tariffs between the two parties. CETA has opened up opportunities for Canadian businesses to export to the EU, and vice versa.
2. Japan
In 2019, the EU and Japan signed the EU-Japan Economic Partnership Agreement, which is the largest trade deal that the EU has ever negotiated. This agreement removed significant barriers to trade, including tariffs on Japanese cars and electronics.
3. Mexico
The EU and Mexico updated their trade agreement in 2020, creating the modernised EU-Mexico Global Agreement. This agreement will eliminate tariffs on many goods, including agricultural products like chocolate and cheese.
4. South Korea
In 2011, the EU and South Korea signed the EU-Korea Free Trade Agreement. This agreement has led to increased trade between the two parties, as tariffs on goods like cars, electronics, and textiles have been eliminated.
5. Singapore
The EU and Singapore signed a Free Trade Agreement in 2018, which eliminated most tariffs on goods and services between the two parties. This agreement has also improved access for EU businesses to Singapore`s service sector.
6. Vietnam
The EU-Vietnam Free Trade Agreement came into effect in 2020, eliminating tariffs on most goods between the two parties over the next 10 years. This agreement will also improve access for European businesses to Vietnam`s growing market.
These are just some examples of the countries that have established preferential trade agreements with the EU. By opening up access to new markets and eliminating trade barriers, these agreements provide benefits for both parties involved. As the global economy continues to evolve, it is likely that more countries will seek to establish similar relationships with the EU and other economic blocs.