March 25, 2023

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EU exports top 1 trillion euros for first time

Exports to the EU’s priority partners will exceed one trillion euros for the first time in 2021, the EU announced. European Commission.

The commission’s second annual report on the implementation and application of EU trade agreements, published on Tuesday, pointed to increased exports, more “stable” economic relations and “secure” access to resources.

The report also shows thatEU efforts to support small businesses by removing barriers to trade help EU exports and therefore support European jobs.”.

‘This report provides good news in the face of the many economic and geostrategic challenges facing Europe. He points out that the EU’s trade strategy is paying off: we have removed more barriers to market access and we have been able to better support our SMEs.“, commented Valdis Dombrovskis, Executive Vice President and European Commissioner for Trade.

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The EU is now focusing on developing a comprehensive network of trade agreements that will play an important role in these times of economic uncertainty, these agreements are ”Ensuring privileged access to key markets for our exports, as well as access to key raw materials through diversified and resilient supply chains”.

Collaboration with trusted global partners is more important than ever in this changing geopolitical landscape.

According to the EC report, between 2020 and 2021 EU exports to preferential partners (except the UK) increased more (16%) than EU exports to all trading partners (13%).

EU trade agreements in particular facilitate the import of raw materials. The EU currently imports 24% of its critical raw materials from preferential trading partners.

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