The European Union has been on the forefront of promoting free trade agreements for many years. The EU free trade agreements aim to boost economic growth, create job opportunities, and increase competition among countries. In 2020, the EU has made significant strides in promoting free trade agreements, despite the challenges posed by the COVID-19 pandemic.
One of the most notable EU free trade agreements in 2020 is the EU-Japan Economic Partnership Agreement. This agreement was signed in 2018 but came into effect in February 2019. The agreement removed tariffs on more than 90 percent of goods traded between the two countries and facilitated access to new markets for European businesses. The EU-Japan Economic Partnership Agreement also contains provisions for the protection of intellectual property rights and the promotion of sustainable development.
Another EU free trade agreement that made headlines in 2020 is the EU-Vietnam Free Trade Agreement. This agreement was ratified in August 2020 and came into force on December 31, 2020. The EU-Vietnam Free Trade Agreement removes tariffs on 99 percent of goods traded between the EU and Vietnam. The agreement also provides for the protection of workers` rights and the promotion of sustainable development. The EU-Vietnam Free Trade Agreement is expected to boost trade between the two regions and create new opportunities for businesses.
The EU has also been negotiating a free trade agreement with the United Kingdom since the UK`s exit from the EU on January 31, 2020. The UK-EU free trade agreement was finally reached on December 24, 2020, just days before the end of the Brexit transition period. The agreement provides for tariff-free trade in goods between the UK and the EU and includes provisions for the protection of intellectual property rights and the promotion of fair competition.
In conclusion, the EU has continued to promote free trade agreements in 2020 despite the challenges posed by the COVID-19 pandemic. The EU-Japan Economic Partnership Agreement, the EU-Vietnam Free Trade Agreement, and the UK-EU free trade agreement are just a few examples of the EU`s commitment to promoting free trade and creating new opportunities for businesses. As the world adapts to the new normal, free trade agreements will likely continue to play a significant role in promoting economic growth and development.