European Trade Essay Example | Topics and Well Written Essays - 2000 words

European Trade - Essay Example EU adopted this policy as a commitment to the society. Almost 25% of European Union’s trades with other countries include services. It has its most trade with United States. European Union is the second in the world in terms of investments. But the commercial policy of the Union mainly relates to the goods. The EU entertains trades with those countries that are weaker in terms of trade activities. Ensuring smoother trade with such countries contribute to its economic development. Therefore, the Union also has an important role in World Trade Organization (WTO). The major feature of its trade with third countries is the common tariff and other trade charges being charged by the Union. The commission also had a common foreign policy for its trade governance. The policy has three pillars on which the policy is constituted. The three pillars are Community Pillar, Common foreign and security policy Pillar, Police and judicial cooperation in criminal matters pillar. All the three pillars relates to different aspects. The common tariffs and trade charges has enabled many economically backward countries to participate in the trade activities internationally. The three pillars show that the agreements are formed not only for the trade cooperation but also for cooperation in all matters that are concerned with economic development and eradication of crimes. The Union gives preferences to the economically backward countries. The commission has a foreign and security policy that is the second pillar of the commission. The second pillar entails policies regarding cooperation in defence matters. This helps to have a common union in terms of defence. â€Å"The European Union, together with its Member States, is the largest provider of technical assistance to these countries† (The EU’s relations with Eastern Europe & Central Asia. 2001). European Union is one of largest trading partner of Eastern Europe and