The European Union has been actively pursuing trade agreements with countries around the world, and the new generation trade agreements are set to revolutionize the way trade is conducted. These agreements will deepen economic ties with these countries and provide opportunities for businesses to grow and expand.
One of the most crucial aspects of these new trade agreements is their focus on sustainability and environmental protection. The EU has made it clear that any trade agreement must adhere to strict environmental and social standards, and any violation of these standards will result in the agreement being suspended.
Another critical aspect of these agreements is the provisions for intellectual property rights. The EU has made sure that these agreements protect the interests of its businesses and safeguard their intellectual property. This will help to boost innovation and encourage businesses to invest in research and development.
The new generation trade agreements also focus on enhancing market access for EU businesses. By removing tariffs and barriers to trade, businesses can expand into new markets and increase their sales. This will lead to increased economic growth and job creation.
One example of a new trade agreement is the EU-Vietnam Free Trade Agreement (EVFTA). This agreement was signed in June 2019 and came into force in August 2020. The EVFTA removes 99% of tariffs on goods traded between the EU and Vietnam, making it easier and more affordable for businesses to trade with each other.
The EU has also been negotiating trade agreements with other countries, such as Australia, New Zealand, and Canada. These agreements are expected to provide significant opportunities for EU businesses and deepen economic ties with these countries.
In conclusion, the new generation trade agreements being pursued by the European Union are set to revolutionize the way trade is conducted. By focusing on sustainability and protection of intellectual property, these agreements will help to boost innovation and encourage businesses to invest in research and development. Additionally, by enhancing market access for EU businesses, these agreements will lead to increased economic growth and job creation.