What is the main trade partner of the EU?

MAIN EU TRADE PARTNERS Europe is the world’s largest exporter of manufactured goods and services, and is itself the biggest export market for around 80 countries[1]. In 2020, China took over the position as the EU’s main trading partner in goods from the US, with an overall share of 16.1% compared with 15.2% for the US.

Why is trade important to the EU?

With its open economy, trade is essential to the EU. To overcome barriers to trade and level the playing field for its businesses, the Union is negotiating a number of free trade agreements (FTAs). The EU is also a founder of and key player in the World Trade Organization (WTO).

What is the EU's main trade partner?

In 2020, China took over the position as the EU’s main trading partner in goods from the US, with an overall share of 16.2% in 2021 compared with 14.7% for the US. Since the UK left the EU, it has become the EU’s third trade partner for goods, accounting for 10.0% of all trade in goods.

What is the EU-UK Trade and cooperation agreement?

In December 2020, the EU also concluded a trade and cooperation agreement with the UK, to which the European Parliament gave its consent in May 2021. The EU-UK agreement provides for zero tariffs on trade in goods and also covers investment and several other policy areas.