Finland weathered the pandemic-induced downturn because of strong digitization and a reasonably high industrial share (17 percent of GDP) that were only marginally impacted by COVID-19 limitations

Since 1995, Finland has had a trade deal with the European Union. The accords make it easier for Finnish enterprises to sell their goods and services in these nations. The Department of Foreign Affairs, in collaboration with the Ministries of Budget and Customs, has produced guidelines to assist businesses in taking benefit of tariff cuts provided by trade treaties.

Finland’s Free Trade Agreements under European Union 

The EU, which includes Finland, negotiates trade arrangements on behalf of its members. These agreements cover reduced tariff rates on goods shipped between the EU and nations worldwide.

EU-Singapore 

The EU and Singapore concluded a pact and an investment protection agreement in October 2018. The EU-Singapore Free Trade Agreement is the EU’s first with a partner of the ASEAN. On November 21, 2019, this Agreement became effective.

The accords aim to eliminate practically all customs charges and duplicate bureaucracy, as well as increase trade for items such as technology, food, and medicines. It promotes environmental protection, eliminates trade barriers for green technologies, and expands the market for ecological remediation. Furthermore, the agreement enables EU firms to invest more in Singapore, as well as Singapore firms to invest more in the EU.

EU-Canada Comprehensive Economic Trade Agreement 

The CETA agreement was signed on October 21, 2017. Tax incentives are now in effect. CETA was the first of the EU’s modern trend of business deals to be inked.

This means that Finnish businesses can now reap the benefits of all of CETA’s essential features, such as the removal of trade barriers on nearly all major exports, accessibility to the Canadian purchasing marketplace, the reduction of administrative hurdles, and more open market access standards. It is important to businesses and customers in Finland because it eliminates almost 98 percent of tariffs. Imports will be less expensive, while exports will be more competitive.

For Finnish businesses and experts, new chances to work and supply services in Canada will open up due to this agreement.

EU-Japan Economic Partnership Agreement 

The European Union and Japan have concluded the Economic Partnership Agreement, which covers products, facilities, and capital and eliminates customs, non-tariff obstacles, and other trade-related concerns such as state procurement, administrative difficulties, competitive pressure, and environmental sustainability.

Japan is one of the European Union’s most important economic partners; it is the seventh main trading partner internationally and the second largest in Asia. The European Union, on the other hand, is Japan’s third-largest strategy. Japan’s and the EU’s industries provide for more than a third of the global GDP.

EU-Vietnam Free Trade Agreement

This deal aims toward significant tariff reductions on food and beverage items and tackles several non-tariff barriers. The agreement also includes commitments to international labor rights and protections, global environmental agreements, and human rights.

Vietnam’s economy is one of the most dynamic in Asia. Over the last few years, its GDP has been one of the fastest-rising worlds. This is aided by the presence of a big youth bulge. 

Trading benefits under EU trade agreements 

Finland’s goods and services now have access to new markets thanks to trade agreements with other countries. 

It expands investment options while also ensuring that assets are protected. The agreement reduces the cost of trade by removing customs taxes and speeds up passage through customs by establishing standard procedures.

Trading principles of the EU 

The EU adheres to the World Trade Organization’s principles (WTO). In June 2018, the European Council emphasized the importance of preserving and deepening the rules-based multilateral system in the face of rising trade tensions. The EU has expressed its willingness to work with like-minded countries to strengthen the WTO’s efficiency.