Details on EU trade agreements: report on growth contribution of TAs

  • economy

The European Commission has released its annual report on the worldwide implementation of EU trade agreement. The EC's report highlights that International trade is responsible for around 35% of the EU’s total annual gross domestic product; and more than 36 million jobs across all Member States are supported by the export of goods outside the bloc. Growing at a steady pace, EU’s Commissioner for Trade, Cecilia Malmström, said: “Trade agreements create opportunities for European businesses to grow and hire more people. Today’s report shows that overall trade is up, and more of our global trade is covered by preferential deals than ever before. Our food and drink exports in particular are flourishing thanks to lower tariffs and legal protection abroad for artisanal EU products like Champagne and feta.”

Further, it has been noticed that there is still work to be done. However, by opening up this data to the wider public, the EC hopes to launch a wider discussion about how to make sure trade agreements benefit 'as many citizens as possible' claimed Malmström.