EU Position in World Trade
- The EU is the largest economy in the world. Although growth is projected to be slow, the EU remains the largest economy in the world with a GDP per head of €25 000 for its 500 million consumers.
- The EU is the world's largest trading block. The EU is the world’s largest trader of manufactured goods and services.
- The EU ranks first in both inbound and outbound international investments.
- The EU is the top trading partner for 80 countries. By comparison the US is the top trading partner for a little over 20 countries.
- The EU is the most open to developing countries. Fuels excluded, the EU imports more from developing countries than the USA, Canada, Japan and China put together.
The EU benefits from being one of the most open economies in the world and remains committed to free trade.
- The average applied tariff for goods imported into the EU is very low. More than 70% of imports enter the EU at zero or reduced tariffs.
- The EU’s services markets are open and the EU has arguably the most open investment regime in the world.
- Trade under existing EU trade agreements keeps growing.
More information can be found here.
EU Trade Policy
The EU manages trade and investment relations with non-EU countries through the EU's trade and investment policy.
Trade policy is an exclusive power of the EU. The EU makes laws on trade matters and conclude international trade agreements.
The EU trade policy covers:
- trade in goods and services;
- foreign direct investment;
- public procurement;
- the commercial aspects of intellectual property, such as patents.
Trade policy is set out in Article 207 of the Treaty on the Functioning of the European Union (TFEU).
The European Commission negotiates trade agreement with a trade partner after receiving the mandate from the Council. The Council and the Parliament approve the proposal for a trade agreement with a trade partner submitted by the Commission.
CECE and the EU Trade Policy
The free flow of trade and investment is the lifeblood of modern manufacturing. Through international trade the construction equipment manufacturers have access to foreign markets, global supply chains and raw materials
CECE advocates for free trade and open markets. The European construction equipment manufacturers have been traditionally export-oriented and this is even more true today, as the demand for construction equipment has shifted to China, South America and India, with European demand representing only 20% of the global demand.
The construction equipment manufacturers in Europe have a turnover of EUR 40 billion, of which EUR 26 billion stems from sales beyond national borders, both in the Single Market and outside the EU.
This figure also underlines the importance of international trade for our sector.
Under focus: CECE and the EU-UK trade READ MORE
Under focus: CECE and the EU-US trade READ MORE