The EU recently published a detailed review of « the impact of EU trade agreements on the agricultural sector. » The document is published, in its own words, in a context of growing protectionism within the EU and its main trading partners. With an in-depth review of some of the EU`s key free trade agreements, the report aims to support the debate on the pros and cons of trade liberalization. Mr. Altmaier: « By modernizing our trade agreement with Mexico, we are sending a strong message for free and fair world trade. » With a population of 83.2 million, Germany is the largest consumer market in the European Union. The importance of the German market goes far beyond its borders. Some of the world`s largest specialty events, such as MEDICA, the Hanover show, Automechanika and ITB Tourism, have been the subject of a huge volume of trade in Germany, taking into account the fact that most of the 2020 shows have been cancelled or postponed due to the COVID-19 pandemic. The volume of trade, the number of consumers and the geographical location of Germany at the centre of the European Union make it a cornerstone around which many American companies wish to develop their European and global expansion strategies. As a result of global technological advances, transportation costs continue to fall. At the same time, tariffs and a large number of so-called non-tariff barriers continue to weigh heavily on world trade. Consumers pay the price in the form of higher prices and the unavailability of better products and services. Vietnam: On 30 June 2019, the EU and Vietnam signed a free trade agreement and an investment protection agreement in Hanoi. Germany is Vietnam`s largest trading partner in the EU and welcomes the signing of the agreement.
The free trade agreement will facilitate access for German products to the growing Vietnamese market. Like the agreement with Singapore, the Investment Protection Agreement with Vietnam sets high and precise standards for investment protection and establishes a reformed dispute settlement procedure. The European Parliament approved both agreements on 12 February 2020. The free trade agreement came into force on August 1, 2020. The investment protection agreement must be ratified by all EU member states before it enters into force. Whenever a country is particularly good at a field, its products and services generally seek their way to customers across national borders (and find them). This is the birth of a new export success. The Swiss export their watches all over the world; China stands out in e-commerce; and the United States is particularly good at trade in services.