European Commission
MEMO
Brussels, 18 February 2013
The EU's free trade agreements – where are we?
Over the next two years, 90% of world demand
will be generated outside the EU. That's why it is a key priority for the EU to
open up more market opportunities for European businesses by negotiating new
Free Trade Agreements with key countries. If we were to complete all our current
free trade talks tomorrow, we'd be adding to the EU economy 2.2% to our GDP, or
€275 billion. This is equivalent to adding a country as big as Austria or
Denmark to the EU economy. In terms of jobs, they could generate 2.2 million
new jobs or 1% of the EU total workforce. Here is an overview of the most
important free trade deals currently under negotiation or under consideration.
Forthcoming negotiations or under
consideration
High-Level Working Group for Growth and Jobs and launch of negotiations
with the United States of America - The EU and US have
decided on 13 February 2013 to initiate the internal procedures necessary to
launch negotiations on a Transatlantic Trade and Investment Partnership,
based on the recommendations of the High Level Working Group on Jobs and
Growth. In terms of size, the EU-US trade relationship is the biggest in the
world, with around €2 billion of goods and services traded every day between
the European Union and the United States. The EU and the US economies account
together for about half the entire world GDP and for nearly a third of world
trade flows (MEMO/13/95).
Mandate
to open trade negotiations with Japan - On 29
November 2012, the EU Member States mandated the Commission to open free trade
negotiations with Japan (MEMO/12/930).
An FTA could increase the EU's GDP by almost
one percentage point and boost EU exports to Japan by one third. 400,000
additional jobs are expected as a result of this deal - in the EU alone. The
Commission is fully aware of concerns among certain Member States, notably
related to non-tariff barriers in Japan. This is exactly why the Commission
agreed with Japan– even before potential negotiations started - that Europe can
'pull the plug' on negotiations after one year if Japan does not show evidence
of removing certain non-tariff barriers in that 12 month period.
Japan is the EU’s second biggest trading
partner in Asia, after China. Together the EU and Japan account for more than a
third of world GDP.
Southern
Mediterranean (Egypt, Jordan, Morocco, Tunisia) - In
December 2011 the Council adopted negotiating directives for Deep and
Comprehensive Free Trade Areas (DCFTAs) with Egypt, Jordan, Morocco and
Tunisia, to "upgrade" the current trade agreements with these
countries. The Council agreed on 29 November that the Commission could start negotiations
with Morocco soon.
On-going negotiations
Canada - Negotiations for an EU-Canada
Comprehensive Economic and Trade Agreement (CETA) started in May 2009 and
are now in their final stretch. EU Trade Commissioner Karel De Gucht and
Canadian Trade Minister Ed Fast met in Ottawa on 6-7 February 2013. Progress
was made but there are still some important gaps to be bridged before an
agreement is reached. Both sides' chief negotiators are expected to meet again
in the coming weeks to prepare to the extent possible the way towards political
conclusion. Canada is the EU's eleventh
most important trading partner whereas the EU is Canada’s second-largest
trading partner, after the United States. The value of bilateral trade in goods
between the EU and Canada was €52.5 billion in 2011. An economic study jointly
released by the EU and Canada in October 2008 showed that a comprehensive trade
agreement could increase two-way bilateral trade by another €25.7 billion.
In the ASEAN
region, the EU is currently also negotiating a Free Trade Agreement with Malaysia (launched in May 2010) and Vietnam (launched in June 2012 - IP/12/689). The
EU's door remains open to start negotiations with other partners in the region
and hopes one day to complete these agreements with a region-to-regional trade
agreement.
Eastern
Neighbourhood – The EU is currently negotiating
Deep and Comprehensive Free Trade Area as part of Association Agreements with
Georgia, Armenia and Moldova.
India – Talks started in 2007. Substantive progress was achieved so far
and there is a renewed momentum recently with the contours of a deal emerging.
Now both sides need to go the final mile to put the package together.
Mercosur
- After more than two years of technical work, the
EU estimates that it is now time to proceed to the exchange of market access
offers if we want to give a renewed impetus to this negotiation with the
objective of concluding a balanced and ambitious trade agreement.
Gulf
Cooperation Council - Negotiations for a free trade
agreement were suspended by the Gulf Cooperation Council in 2008. Informal
contacts between negotiators continue to take place.
African,
Caribbean and Pacific countries (ACP) – Economic
Partnership Agreements (EPAs) are trade and development partnerships between
the EU and African, Caribbean and Pacific countries (ACP), based on the Cotonou
Agreement (2000). EPA negotiations started in 2002 and have now been concluded
with three regions, which have initialled (and then signed and ratified) an
agreement: the Caribbean (CARIFORUM), the Pacific (only country currently
involved: Papua New Guinea), and Eastern and Southern Africa (ESA - Zimbabwe,
Mauritius, Madagascar, Seychelles). Negotiations are entering a decisive phase
in the SADC EPA Group. Progress is uneven in the rest of Sub-Saharan Africa.
The EU
therefore has 9 trade negotiations under way and several more trade and development
negotiations (EPAs) on going.
Free Trade Agreements finished but not
yet entered into force
Singapore
– The negotiations for a Free Trade Agreement (FTA) between the European
Union and Singapore have been concluded on 16 December 2012 (IP/12/1380). This agreement is the EU’s second ambitious agreement with a key
Asian trading partner, after the EU-Korea FTA, and the first with a member of
the 10-nation Association of Southeast Asian Nations (ASEAN). Once fully
implemented, the deal will open up markets on both sides in a number of
sectors, including banking, insurance and other financial services industries. Both
the EU and Singapore will now seek endorsement from their respective political
authorities and envisage initialling the draft agreement in spring 2013. Singapore
is the EU's largest trading partner in South-East Asia. EU-Singapore trade in
goods and services each grew by roughly 40% between 2009 and 2011 (MEMO/12/993).
Peru
and Colombia – The European Parliament gave its
consent on the trade Agreement with Peru and Colombia on 11 December 2012 (IP/12/1353).
It's expected that, once fully implemented, the deal will result in total
tariff saving of more than €500mio per year. On the EU side the procedure
allowing for a provisional application of the agreement could be finalised by
January 2013. The European Parliament is scheduled to vote on the agreement
during its plenary session in December 2012. The EU is the second largest trading partner of
the Andean region after the US. Trade with the EU was worth 14.3% of the
total trade of the Andean Community in 2010 (IP/12/690).
Central
America (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama) - The Association Agreement between the European Union and Central
America has been adopted by the European Parliament on 11 December 2012 (IP/12/1353). Once
ratified, this agreement will open up markets on both sides, help establish a
stable business and investment environment. The Agreement is also meant to
reinforce regional economic integration in Central America. In 2010, bilateral
trade in goods between Central America and the European Union was worth €12
billion. Adoption by the parliament of its position on the Association is
expected by the end of 2012. In parallel, Central America partners have to
ratify the Agreement, they are likely to do so in March 2013 (MEMO/11/429).
Ukraine – The EU and Ukraine have concluded the negotiations for a deep and
comprehensive Free Trade Agreement (DCFTA) in December 2011. The next step will
be the signature of the Agreement by the Council, once the political conditions
are met.
There are also 5 Economic Partnership
Agreements with African, Caribbean and
Pacific States that have been negotiated but they have not yet entered into
force. These are Cote d'Ivoire, Cameroon, Southern African Development
Community, Ghana and Eastern African Community.
The EU
has finished negotiating 9 trade agreements that have yet to enter into force
Free Trade Agreements already in force
South
Korea, in force since 1 July 2011 - This agreement
is the first of a new generation of free trade agreements that went further
than ever before at lifting trade barriers and making it easier for European
and Korean companies to do business together. As the FTA has lowered import
tariffs for European products at the Korean border, it’s estimated that EU
firms have already made cash savings of €350 million in duties after just 9
months – from boost in sales of European wine to high-quality fashion products
(IP/12/708).
Mexico
- Since the entry into force in October 2000 of
this comprehensive Free Trade Agreement, total bilateral trade has doubled,
passing from €21.7 billion in 2000 to €40.1 billion in 2011. At his recent
visit to Mexico in November 2012, EU Trade Commissioner Karel De Gucht called
for an upgrade of the current FTA (SPEECH/12/825).
South
Africa - South Africa is the EU's largest trading
partner in Africa. The Trade, Development and Co-operation Agreement, in force
since 2000, has established a free trade area that covers 90% of bilateral
trade between the EU and South Africa. The liberalisation schedules were
completed by 2012.
Chile
- The EU and Chile concluded an Association
Agreement in 2002, which included a comprehensive Free Trade Agreement that
entered into force in February 2003. The EU-Chile Free Trade Agreement is broad
and comprehensive and covers all the areas of EU-Chile trade relations. EU is Chile's second largest source of
imports, after the USA. The EU is also Chile's third largest export market,
after the recent rise of China as an important export market for the EU.
On top
of these "classic" free trade deals, Free Trade Agreements are a core
component of many Association Agreements as well as Customs Unions (Andorra, San Marino, Turkey). Hence the EU also has free trade
deals in force with a number of countries in Europe (Faroe Islands, Norway,
Iceland, Switzerland, the former Yugoslav Republic of Macedonia, Croatia,
Albania, Montenegro, Bosnia and Herzegovina, Serbia) and the Southern
Mediterranean (Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Palestinian
Authority, Syria, Tunisia) and 3 with African, Caribbean and Pacific countries
(Caribbean, Pacific and Eastern and Southern Africa).
The EU
therefore has 28 trade agreements already in force. This does not include Syria
as the trade provisions are not applied.
For further information
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