The Pros And Cons Of The Single Market

In order to understand the evolvement of the Single Market of the European Union, one has to take the general background into consideration. Therefore, it is important to have a look at the Treaty on European Union (Maastricht Treaty) which gave birth to the creation of the Single Market. Having been the Common Market before the Maastricht treaty, the European Economic Community (EEC) Treaty already clarified the objective of cooperation between member states. Throughout the Single Market, those objectives should be transformed into reality.

The European Union (EU) is a unique economic and political partnership between 28 different countries. It consists of about half a billion citizens, and its combined economy represents about 20 percent of the world’s total economy (Briney, 2015). Today The European Union works as a single market, with free movement of people, goods and services from one country to another. There is a standard system of laws to be followed, and since 1999 many countries share a single currency called the Euro (Europa.eu, 2015). This essay will explore the background history of the European Union and the benefits and drawbacks of the European Union.

The Internal Market of the European Union (EU) is one of Europe’s significant achievements and its greatest resource in times of modern globalisation. Since its creation in 1993, the Internal Market has opened itself more to competition, created jobs and reduced many trade barriers. It is the principal instrument for building a stronger and fairer economy in the EU. It assures the free movement of people, services, goods and capital, and by doing so, creates fresh opportunities for businesses and consumers. The Treaty on the Functioning of the European Union adopts measures with the aim of combining national markets in a single market with the characteristics of a domestic market. The vision is that it should be as easy to trade between London and Madrid as it is between London and Manchester.

Europe has been quite successful in integrating its economies because of the various geopolitical and economic activities. The first and foremost reason is that these countries are small and the economy of the one country can be integrated with the economy of the other country. Their integration has been made possible because the aspiration and believe of the different countries are very much similar. Moreover, their cultural and economic history is moreover same. European Union as it has been called now has been the most developed model of the regional integration though challenged by economic crisis now a days.

The EU and the trade agreements entered into by member countries are examples of economic integration and cooperation. The benefits of joining an economic or trading bloc and reducing trade barriers can be plenty and they encourage countries to join them, and can be gained by all of the countries who are part in the economic integration agreement.

The UK as a member of the EU’s single market— a project to remove the barriers of trade within the EU and combine the European

Movement between all of the countries in the EU is totally free and open for all citizens. This opens up numerous more job and education chances for people.

Regional economic integration represents agreements between countries in a geographic region to reduce tariff and non-tariff barriers to the free flow of goods, services and factors of production between each other. Neighboring countries tend to ally because of their proximity to one another, somewhat similar regional tastes, the relative ease of establishing channels of distribution and a willingness to cooperate with one another for the greater benefit of all allied parties. Theoretically, the concept of regional economic

Nowadays, Regional integration by establishing trading bloc seems to be inevitable for most of countries because limited resources like oil and financial capital encouraged them to establish such a trading bloc like NAFTA. Among several trading bloc, European Union evolved more integrated politically and economically over last sixty years. Furthermore, European union have their own flag, parliament, council and commission. Every trading bloc must have their own characteristics in terms of politics and economics. What is similarities and differences between EU and other trading bloc? what kind of positive and negative influences has come to EU members and NAFTA

There are many benefits of trading within the EU, the agreement in 1993 was effectively the start of what we now refer to as the single market, it removed the borders of a member country for trade enabling the free movement of goods between members without the encumbrance of the customs process and reducing the need of a significant amount of accompanying documents that was required for goods being moved across borders. Previously it was necessary for goods to be shipped with certificates of origin, Invoices, packing lists with a full breakdown of package contents. If moved by road, which is the normal method of transport within the EU, a CMR transport note

The current international system is characterized by growth in globalization hence regional integration is becoming a common phenomenon in most parts of the world. As a result of states becoming more interconnected, most of them have opted for regional integration so as to enhance trade between states thus boosting economies of the states as well as the regions as a whole. Besides free trade, regional integration has seen to it the elimination of trade barriers, free movement of goods and people across borders, regional co-operation in issues to do with peace and security within the regions among various other benefits of regional integration. One of the regions that has grown as a result of regional integration is the European Union (EU), which is an economic and political partnership composed of 28 European countries. This paper will focus on the EU and give a theoretical analysis of the Brexit while giving lessons of integration and liberalization based on the Brexit.

The customs union is first and foremost an essential component of the internal market of the European Union. The customs union is a free trade area with a common external tariff. This is the common external tariff that transforms a free trade area into a customs union. The European Union has also developed a common trade policy with third countries which is a complement of the customs union. The customs union is a central element of the trade policy.

This report presents information on the Single European Market since its setting up in 1986 as an amendment of the Treaty of Rome, and the Single European Act (SEA) signed in 1987, which came into effect in 1992. It also covers how the internal market works. Moreover, it will analyse its successes, failures and recent changes. Finally, it will address the future prospects for expansion, further development in the relation to the Transatlantic Trade Investment Programme (TTIP) and UK membership.

Since the World War II, the creation of regional economic blocs has become an essential political remedy that gathers countries and nations rather than divide. Essentially, the creation of the economic regional blocs aims to minimize the obstacles between nations that share the same geographic border and to facilitate the circulations of goods and services. In fact, the regional trading blocs differ in terms of political structure and economic objectives, but the rapidity of trading goods and services within the different regions around the globe wouldn 't be possible without establishing unified political and economic units. For example, the European Union (EU) as other regional blocs gathers different countries that share the same geographical borders and differ in cultures, languages, and political systems. Actually, the differences and similarities between the various political structures and economic objectives are due to numerous factors such as history, culture, and the level of imports and exports to each country. However, the impacts of the regional trading blocs have some disadvantages that have negative impacts on the local economies of the regional blocs and on the global economy as well.

With the effect of the Single European Act on 1st July 1987, the emergence of European Union (EU) as a common market has essentially been created. The benefits of this act are substantial to European firms, economies, and workers. It eliminates conflicting national regulations and trade barriers, as well as offering firms opportunity to sell their goods to all other EU members (Griffin & Pustay 2005).