The European Union : The World 's Largest Single Market Essay

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.

In considering the international realm, let’s consider the concept of economic treaties. Specifically, let's think about an organization like the European Union (EU). Why was it formed? In addition, what are some of the objectives of the nations that are joining the EU?

The European Union is a union consisting of 27 countries that have an agreement of free trade. This is when the countries within the EU can trade with each other without any tariffs. They all use the same currency which is Euros apart from the UK and Gibraltar who use GBP (Great British Pound). The advantage of this for L’Oreal is that it allows them to expand in other countries such as France, Spain and Italy without being charged any extra fees for selling and trading within that country. It also allows L’Oreal to invest in other EU countries if

It is overwhelmingly in the economic interests of the other EU countries to do a free-trade deal, with zero tariffs and quotas, while we extricate ourselves from the EU law-making system.

The NAFTA and the European Union comprising of 27 countries comprise the biggest blocs in the world. The two trade blocs are also highly interdependent through foreign direct investment. In 2007,

Following on from this the EU has a large variety of benefits towards it member

Until now, by the level of economic integration the difference of trading bloc between NAFTA and EU is compared, secondly, the different background, histories will be compared and contrasted between NAFTA and EU.

Protectionism is a natural reaction to foreign competition and the EU member states have been no exception. Article 296 of the EC Treaty offers an exemption from internal market regulations when their application would undermine member states’ security. Predictably, members have employed a loose interpretation of Article 296 in order to avoid an open market for defense contracts. They generally prefer to procure military equipment domestically to support their defense industry.

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

Free trade between the European Unions member states is one of the EU's founding principles. EU trade accounts for 16.5% of the worlds exports as well as imports, hence, it’s the biggest trader in the

Several sectors of the federal economy have a chance of developing - above all, the already very significant agricultural and services exports. For the agricultural sector, elimination of tariffs is seen as a measure of bringing a balance of advantage to the relationship with the EU. For instance, American apple growers face a duty of 7% for shipping to Europe, while their colleagues from EU have no such obligation. On the services side, the agreement is promising in terms of broadening the customer base for both European and American providers, while simultaneously accelerating information flows. One example may be the opportunity for architecture companies to provide blueprints for European projects in real time. Also all kinds of media artworks will be transmitted online, without necessary export of physical data carries. The option of validating content purchases with electronic signatures will simplify the process for European purchasers. Moreover, the free data flow will help enterprises on both sides of the Atlantic to cooperate more quickly and become more

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.

through intergovernmental organizations or institutions. The European Union is value of respect for human dignity, democracy, freedom and equality, also the rule of law and respect for human right, including the rights of persons belonging to minorities. The advantages of being in the European Union are Low prices of the “Single Market” that is where all countries can buy product at low price and there are no charges when it comes to custom tax. Custom tax is mostly charged when goods are transported or sold between states or countries but is not applied among member countries “(cbp.gov)”. Secondly citizens are free to

The single European Market is the singular territory barring any internal borders or regulatory fetters to prevent a free movement of goods and services . The SEM was first instated in 1st July 1987, and fully coming into force on the 1st July 1992. The SEM effects were to encourage healthy competition within the EU, raise the quality of goods and service, and improve their efficiency and to keep prices or products and services low. This concept has been a great success as due to the raise in economic growth the movement of people which has made the European Union’s society easier to function from a business perspective and a consumer’s perspective.