Free trade has enormous potential for your business. The EU has free trade agreements with 70 countries outside the EU. Click here for an overview of the 70 countries. The agreements remove or lower tariffs, allowing Danish companies to achieve significant savings in both exports and imports. The EU has free trade agreements with around 70 countries outside the EU. Some of these countries are important export and import markets for Danish companies, including Canada, Iceland, Japan, Mexico, Norway, Singapore, South Korea, Switzerland and Turkey (list of EU trade agreements). In addition, EU free trade agreements are under way with other important markets such as Australia and Vietnam. The EU`s free trade agreements are either completely removed from tariffs or by significantly reducing tariffs on goods. However, a Danish company does not automatically avoid paying tariffs if it exports or imports goods to a country with which the EU has a free trade agreement. Certain conditions must be met to obtain the tax savings generated by free trade agreements. Compliance with these conditions allows you to significantly reduce customs fees. It is important to remember that the use of EU free trade agreements cannot be left to the shipping company. Free trade agreements aim to create better trade opportunities and overcome barriers to trade.
This section will guide you on the basics of free trade agreements so that you can search for specific information that is useful to you. At present, most of these agreements concern trade in goods and development cooperation. The Economic Partnership Agreement (EPA) with the Caribbean also contains provisions on services, investment and other trade-related issues. These agreements aim to develop stricter, values-based rules with the relevant partner countries and contain specific provisions on trade and sustainable development. Some type of agreement focuses on strengthening economic relations between the EU and its neighbours by bringing their legal framework closer to EU legislation, particularly in trade-related areas. This is the case, for example, with the agreements with Denmark, which are among the most active, liberal and development-friendly Member States in the European Union. As a result, Denmark is working within the European Union to promote common positions in this direction in order to integrate developing countries into the multilateral trading system. At the same time, Denmark fully respects the fact that the EC`s trade policy is almost exclusively within the Community`s jurisdiction.
Others include much broader obligations for opening up trade in goods and services, as well as investment, procurement, competition, subsidies and regulatory issues As a general rule, you can save 5 to 10 per cent on the price of a product. This can be very important if competing companies use EU free trade agreements to save tariffs, and you do not. Another type of specific agreement has an explicit development objective. These are asymmetric trade agreements in which ACP countries will liberalise about 80% of trade over a period of 15 to 20 years, while the EU will grant duty- and quota-free access from day one. Although international trade policy can be conducted bilaterally and regionally, Denmark and the EU remain firmly committed to supporting multilateral negotiations. The World Trade Organization (WTO) is the main priority of Denmark`s and the EU`s trade policy. The WTO creates an international legal system with strict rules and legitimacy and provides the necessary safeguards for all players in the global economy. These include inclusion and consideration of developing countries.
WTO agreements can be implemented through the WTO`s dispute settlement system.