Open Trade in the EU – Single Market Benefits

The advantages of a single market in Europe are numerous and far reaching for both the EU and the global economy. Beginning in 1993 and based upon the freedom of movement for goods, capital, services, and people, the EU single market sought to rejuvenate an ailing EEC by removing barriers to intra-European trade.

Despite recent threats to the stability of the EU – through both a potential BREXIT and GREXIT – the advantages of the single market remain. Consumers enjoy a wider choice of products and services at lower prices; working and studying abroad is easier and taxpayers enjoy more open and competitive public procurement rules; businesses benefit from a larger potential market whilst avoiding costly and time consuming border bureaucracy; and subsequently, more jobs are created for workers within member states.

The EU single market benefits currently experienced by member states are part of an ongoing process that has given rise to a number of disadvantages in this kind of single market. Currently, not all members of the EEC have embraced the EU, and bilateral treaties are still in effect with Switzerland, Iceland, Liechtenstein and Norway – inhibiting full cohesion and integration. However, the GED team is on hand to examine the future of the EU and any significant developments to this expansive trade agreement.