The EU abolished border controls between European nations. Apart from developing a central European power, the EU has allowed its members to experience a sense of security therefore, it would be correct to say that the EU is helpful. Notably, the EU led to the creation of central European power and allowed the establishment of institutions such as the European Parliament and the European Court of Justice, which oversee members’ interests (Della Sala, 2018). The union has helped raise people’s standards of living and assisted in creating a single European currency (the euro). Nonetheless, the EU triggered other advantages as well in fact, since this trading bloc was established, it has delivered more than half a century of peace, stability, and prosperity (Della Sala, 2018). But it became evident that stronger economic and monetary cooperation was required for the further growth and stability of the internal market. When the EU was set up, its members only concentrated on establishing a single market. Our professional writers are here to help you. This instance also creates a huge market for countries trading with the EU. When combined, the populations of these countries closely equates to that of the United States. At the same time, seven states in the European Union have populations greater than 20 million. ![]() Most countries in Europe have a population of fewer than 20 million people. Multinational companies that trade with the EU have access to larger market size. Companies that conduct their operations with the EU benefit broadly they scale up their productivity and save money. The EU also allows space for increased efficiency and productivity for larger international businesses. The businesses that take advantage of reduced tariffs and regulation in the EU thrive (Baldwin & Seghezza, 2010). In most cases, small companies in different parts of the world find it easier to source raw materials and finished goods from Europe. As regulations are smoothened and tariffs are reduced, the cost of supplies drops. More significantly, custom regulations and tariffs that may be imposed at each European country’s border does not exist due to the EU all nations in this region are joined under standard tariffs and regulations. The EU makes it much cheaper for businesses to export their products to Europe (Damro, 2012). This was a significant improvement as international companies were often forced to ship their products to individual European countries. In the period between 20, businesses in China exported more than 38 percent of their products to the EU (Damro, 2012). The EU is one of China’s largest trading partner. In addition to creating a regional trading bloc, it has created a foreign market for states, including China (Damro, 2012). ![]() The EU has created more opportunities for European nations and other countries to trade against each other. First, it creates opportunities for work and investment (Sbragia, 2010). The EU triggers numerous impacts on international businesses. More importantly, it allowed these European countries to spend much of their resources on relevant issues within the domain of development and trade. The EU has enabled regional economic integration for most European nations. The European Union (EU) is one of the world’s biggest trade blocs and one of the world’s largest economies after the United States (Bollen, De Ville & Orbie, 2016). What are the implications of the EU trading bloc for international business?
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