(Finance) – The value of EU trade covered by the vast network of 42 agreements with 74 partners in force in 2023 was more than 2.3 trillion euros, an increase of more than 30% over the last five years. This is what emerges from annual report on the implementation and application of EU trade policy published today.
The EU exports to preferential trading partners are increasing more consistently than overall EU exports – the preferential agreements with South Korea and Canada, for example, each produce an average export growth of 7% per year – and have made the EU more resilient in the face of global challenges by providing safer and more diversified sources of supply.
In the last five years, the European Commission it has also eliminated 140 barriers to EU exports in over 40 countries. Removing barriers between 2018 and 2022 freed up an additional €6.2 billion in EU exports in 2023 alone.
Opening up the EU’s export opportunities through trade agreements and effective application of trade policy – underlines the Commission – has led to a benefit for EU consumers and businessesincluding the 680,000 EU SMEs that depend on them for growth markets.