Value of EU trade through FTAs surpasses €2 trn in 2022 for 1st time

Trade with the EU’s top 20 trade agreement partners grew by close to 30 per cent on an average last year, the report shows.

The Commission, working with EU member states and businesses, also broke down over 30 barriers to trade in 19 countries. Tackling barriers over the last five years helped unlock €7 billion of EU exports in 2022 alone.

The EU FTAS also delivered stronger protection of the environment and labour rights, an official press release said.

As part of this work, Japan and South Korea ratified core International Labour Organisation conventions foreseen in their respective trade agreements with the EU. Deeper engagement with Peru and Colombia led these countries to launch a revision of their labour codes.

The EU has the largest network of trade agreements in the world, with a total of 74 countries, accounting for 44 per cent of all EU trade.

Trade between the EU and its FTA partners (excluding energy products) last year outgrew EU trade with all other partners.

These deals have helped sustain trade and investment in a difficult global business environment characterised by growing geopolitical challenges, such as the Russia-Ukraine war, the press release noted.

Trade agreements continued to deliver economic growth and more resilient supply chains.

EU trade supports 670,000 small and medium EU businesses exporting to third countries.

ALCHEMPro News Desk (DS)