Free Trade Agreements European Union

Many of the EU`s trade agreements are still in the process of ratification and are only provisionally implemented. CETA is a mixed agreement. The chapters falling within the exclusive competence of the Union are currently applied provisionally, but ratification has not yet been completed in the Member States. On the other hand, the chapter on investment protection has not yet been applied until ratification by members. The EU and Singapore have negotiated a free trade agreement and an investment protection agreement, two separate treaties. The trade agreement entered into force at the end of 2019, following the approval of the European Parliament and the Council. The Investment Protection Agreement still needs to be ratified by all Member States according to their own national procedures. In mid-2019, the EU signed a trade agreement and an investment protection agreement with Vietnam. The free trade agreement with Vietnam was approved by the European Parliament in February 2020; Vietnam had previously met EU requirements for compliance with international labour standards. The free trade agreement is expected to enter into force in the summer of 2020. The European Union negotiates free trade agreements on behalf of all its member states, with member states having granted the EU “exclusive competence” to conclude trade agreements.

Nevertheless, the governments of the Member States monitor each stage of the process (through the Council of the European Union, whose members are national ministers of each national government). The EU is one of the UNITED States` main trading partners. Similarly, the United States is Germany`s largest export market outside of Europe, as well as the market where German companies invest the most. Negotiations on the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the US have been suspended since Donald Trump took office in early 2017 and are not continuing. On 25 July 2018, the European Commission agreed with the US government on a trade programme to address issues of mutual interest. The agreed cooperation covers several areas. These include the reciprocal liberalization of trade in industrial goods, with the exception of vehicles. The two sides also plan to take measures to facilitate trade in a number of specific sectors (services, chemicals, pharmaceuticals, health products, soybeans). In addition, the European Commission and the US Government have agreed on closer cooperation on standardisation and strategic cooperation in the energy sector.

These include the goal of increasing imports of liquefied natural gas from the United States. .