Anyone wondering how EU trade agreements actually work on the ground will find the answers in a new report from the European Commission.
It examines 25 trade agreements currently in force, together with the measures put in place to maximise their benefits and to ensure that the rules agreed are actually respected.
As well as confirming that trade agreements have led to significant increases in exports, and have boosted the EU economy, the report also considers what lessons can be learned and what can be improved when new agreements are being negotiated.
The first assessment of its type, it was welcomed by Trade Commissioner Cecilia Malmström, who said: “The success of EU trade policy is measured not only by striking new trade deals but also by ensuring that our existing agreements actually deliver.”
Arguing that trade agreements have particularly benefitted EU exports, the Commission cites four countries to which the EU has increased sales: Mexico (+416% since 2000); Chile (+170% since 2003); South Korea (+59% since 2011) and Serbia (+62% since 2013).
The report shows that it is often the EU agricultural and motor vehicles’ sectors that benefit the most.
For example, exports of cars to South Korea have increased by 244% since 2011, while an agreement with Colombia and Peru has seen exports of agricultural goods to those countries rise by 92% and 73% respectively since 2013.
There is, however, scope for further growth, and with a lack of awareness having been identified as one of the main reasons why smaller companies do not use free trade agreements, the Commission is promising a digital campaign targeting SMEs.
Report on Implementation of Free Trade Agreements can be found here.
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