The Intra Trade Of The European Union

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.

There is no doubt that increasing in international trade is supporting the economic growth across the world, raising incomes and creating jobs. However, international trade can also some create economic obstacles, such as the international context and the market policy and regulations of each country, and consequently it can be said that the effects would have positive and negative sides, and it is useful to mention all of them and to take them into consideration.

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.

The European Union is one of the most famous Economic blocs in our recent times. It is the culmination of efforts after the devastating Second World War. It currently includes 28 states with varied cultural and historical backgrounds and even different languages. It now has more than 30 separate international trade agreements with many countries such as Colombia and South Korea (Encyclopedia of Management).

Trade between the US and the EU leaves a ripple effect, not only through their own economies, but throughout the world economy, given that these are two of the world’s wealthiest nations. “The transatlantic economy is the largest and wealthiest market in the world, accounting for over 50 percent of world GDP in terms of value and over 40 percent in terms of purchasing power.” Years of trade between these two giants has demonstrated the mutual benefits of trade and has set the standard for both developed and developing countries. Their example shows the interdependence that different countries uphold and the efficiency that would result if all embraced this inter twine rather than fought to independently produce their own goods, encouraging

The main interest of this work is to analyse this trade alliance from three different points of view to outline the similarities and differences in contrast to the European Union. To figure out about the initially mentioned question it is planned to start with the economic point of view in the first part. The second part will deal with the political aspects whilst

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

Ever since the beginning of the United States of America, there has been a network of producers, distributors, and buyers of many different services and products. This network of people makes up the United States economy. Every economy is different all around the world and each has its own unique strengths and weaknesses according to the types of markets inside that economy. There are a numerous amount ways that an economy can grow and develop. One example of this is international trade. International trade is a huge part of the current advancement in the United States economy in three major ways: cultural improvement, monetary maturity, and professional betterment.

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.

One one side, free trade agreements would increase exports, investments and access to more developed technology from partner country or countries. On the other hand, since the financial crisis has struck the EU, it seems to be difficult to create the necessary trade-offs between industries. At the centre of these discussions, European automotive industry (automobile, parts and engines) has always been a controversial area in FTA negotiations with its

One of the main objectives of the European Union (EU) is the establishment of the internal market, which shall consist of “area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. The internal market is based upon a customs union achieved through the abolition of the imposition of customs duties and charges having an equivalent effect and the prohibition of discriminatory taxes on intra-EU imports. The internal market is enhanced by the provisions on free movement of workers, freedom of establishment, free movement of services, and free movement of capital. Whereas Articles 28 to 30 of the Treaty on the Functioning of the European Union (TFEU) provide for the establishment of an EU common external tariff and the elimination of customs duties, Articles 34 and 35 of the TFEU (with exceptions under Article 36) go further, and prohibit quantitative restrictions and measures having equivalent effect. Taken together, Articles 28 to 32 and 34 to 36 serve to ensure the free movement of goods within the EU and to facilitate the operation of the internal market.

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The European Union (EU) was established in order to prevent the horrors of modern warfare, experienced by most of Europe during the World Wars of the 20th century, from ever ensuing again, by aiming to create an environment of trust with the countries of Europe cooperating in areas such as commerce, research and trade (Adams, 2001). The EU has evolved into an economic, trade, political and monetary alliance between twenty-eight European Member States. While not all Member States are in monetary union (i.e. share the currency of the euro), those that are form the ‘Euro-zone’ (Dinan, 2006). The EU can pass a number of types of legislation, with a regulation, act, or law, being the most powerful. Its ‘tricameral’ (European Union, 2007)

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).

Firstly, the free trade market provided business opportunities for all hierarchy of enterprises (Gallup, 2009). The formation of a free trade market has committed to the disappearance of borders between the member states thus providing free movement of goods and services. This will stimulate the growth of economy of each of the member states and also maintaining a more stable monetary system. Besides, before the introduction of European Monetary Union, the cost of transportation and transaction of goods are very high due to the unstable currencies of global stock market. With the formation of free trade market and European Monetary Union, the restriction of the flow of goods and rising of the cost of imports will be no more longer existed (Claude, 2014). Without restricting the flow of goods, the market for medium class enterprises will be improved and enlarged. A modern, stable and sustainable economy will be formed and shared between the member states. The risk of sudden economy bubble to occur will be