Expansion of trade between countries, to develop production capacities beyond national borders and foster competition at a level above national markets, has been since its inception one of the core aims of the European Communities. One of the original articles of the Common Commercial Policy stated that, by establishing a customs union between them, the Member States aimed to "contribute, in th…
The European Union continued to be the biggest global player in international trade in services (ITS). In 2005, the EU-25´s international trade in services recorded a surplus of €56.9 billion, compared to 47.6bn in 2004 and 38.5bn in 2003. The USA remained the EU's main trading partner. The development of trade with Japan continued to be rather slow. Of all the EU Member States, the UK was t…
Services are increasingly important in modern economies. In 2006, their shares of EU-27 gross value added and employment were 69.6% and 68.6% respectively (Eurostat database). Recent decades have witnessed a steady rise in their importance to the EU economy. The strong and growing role of services is not reflected in international trade. Due to the intangible nature of trade in services, this …
In 2006, EU-27 international trade in services with Brazil, Russia, India and China (BRIC) registered exports with a total value of €46.0bn and imports worth €39.0bn. The EU trade in services balance with BRIC countries registered a permanent surplus during the period 2004 to 2006. In 2006, the surplus amounted to €7.0bn. Since 2004, China has been the EU’s main trading partner among th…
One of the major achievements of the European Union is the free movement of goods, services, capital and labour between the Member States. The Internal Market remains one of the Union’s most important and continuing priorities. Services are increasingly important in the Internal Market. They account for about 70% of gross value added and 69% of employment in the EU-27. In recent decades their…
The European Union continues to be a major player in international travel. In 2007, EU residents spent €94.2bn outside the EU (compared to €87.7bn in 2006 and €84.8bn in 2005), making it by far the biggest spender in the world. In terms of travel receipts the EU is second only to the USA, having earned €75.6bn in 2007 (€72.3bn in 2006 and €65.7bn in 2005). As a result, the EU record…
South Korea is currently the eleventh largest economy in the world and a significant player in the world economy. The EU and South Korea are important trading partners. South Korea is the EU’s eighth largest trade partner and the EU has become South Korea’s second largest export destination. The two-way trade in goods and services amounted to €75bn in 2007 Korea’s economic development o…