The EU has preferential trade agreements with around 70 countries around the world. [1] These countries account for almost 32% of the EU`s foreign trade. [2] Trade agreements are generally very complex, as they are legal texts covering a wide range of activities, from agriculture to intellectual property. But they share a number of fundamental principles. Singapore: EU and Singapore signed a free trade agreement and investment protection agreement at the ASEM summit on 18-19 October 2018. The European Parliament approved both agreements in February 2019. Germany is very pleased with these agreements, as Singapore is one of Germany`s main trading partners in the ASEAN region, despite its small size. The ratification of the free trade agreement was concluded on 8 November by Council decision and the agreement entered into force on 21 November 2019. The Investment Protection Agreement sets high and clear standards for investment protection, which preserve the state`s right to regulation, and establishes a reformed dispute resolution procedure, modelled on CETA. To learn more about these two agreements, visit the European Commission`s website. The fourth EU Implementation Report (other languages), published in November 2020 and preceded by the preface by DG Commerce Director-General Sabine Weyand (other languages), provides an overview of the results achieved in 2019 and the remarkable work for the EU`s 36 main preferential trade agreements. The accompanying staff working document provides detailed information in accordance with the trade agreement and trading partners. Although the WTO is generally referred to as a “free trade institution,” it sometimes allows tariffs and, in limited circumstances, other forms of protection.

In practical terms, it promotes a system of rules for open and fair competition. The Council plays a crucial role in the development of a new trade agreement. Trade agreements Requirements for EU trade agreements, types of agreements, details of current trade agreements. There are a number of negotiations with countries in the hope that a future free trade agreement can be concluded. Among the most important are Australia, New Zealand and Mercosur (Brazil, Argentina, Uruguay, Paraguay) [2] trade.ec.europa.eu/doclib/docs/2018/october/tradoc_157468.pdf The European Union negotiates free trade agreements on behalf of all its Member States, with Member States granting the EU “exclusive jurisdiction” to conclude trade agreements. Nevertheless, the governments of the Member States control every step of the process (through the Council of the European Union, whose members are the national ministers of each national government). According to the WTO, it can be so important to promise that there will be no removal of a trade barrier as to reduce one, as if it were predictive for businesses.