France, a major trading country, has developed into one of the globe’s major exporters, with exports accounting for over one-fifth of the GDP.

France is also a significant importer, particularly equipment, pharmaceuticals, industrial commodities, tropical farm commodities, and classic manufacturing products like garments. 

Most world trade is conducted with other industrialized countries, with the Organization for Economic Co-operation and Development (OECD) accounting for over four-fifths of all dealings. The EU plays a significant role in this, representing the rising flow of products and services among its participating countries. Over three-fifths of French exports or imports are headed for or originate in European Union countries.

Since January 1, 1958, France has been a part of the European Union. Negotiating foreign trade agreements is within the EU’s purview. The EU is currently involved in the following major trade negotiations:

EU-Vietnam

On June 30, 2019, the European Union and Vietnam inked a Trade Agreement and an Investment Protection Accord. 

By eliminating 99 percent of all duties, the accords give chances to enhance trading and promote economic growth on both sides. It lowers administrative hurdles and red tape overlapping. 

EU-Newzealand Trade Agreement 

The contract negotiations are directed at lowering existing product-service trade barriers, ensuring that European sectors compete on an equal footing with businesses from territories that already have a trade agreement with New Zealand, and promoting smart, environmentally friendly, and inclusive development.

EU-China 

In this agreement, China has pledged to treat EU enterprises more equitably, allowing them to compete on a more level playing field in China. State-owned enterprises, subsidy clarity, and anti-forced technology transfer regulations are among the pledges. China also agreed to elements relating to long-term growth, such as climate change and compelled labor agreements.

EU-Australia 

The goal of the trade talks is to lower obstacles and help EU firms. It allows EU companies to compete more successfully in government procurement in Australia.

EU-Japan

The trade agreement with Japan removes tariffs and other trade barriers, sets a framework for collaboration to prevent trade restrictions, and aids us in creating global trade standards that represent our high expectations and shared interests. It sends a strong statement that protectionism is opposed by two of its most powerful economies

EU-Singapore

The agreements aim to eliminate all customs taxes and duplication of bureaucracy, improve trade in products such as technology, food, and medicines, and foster green growth.

EU-Mexico

The pact reduces high Mexican tariffs on European foods and beverages, permits EU companies to provide more services to Mexico, and pledges to protect workers’ rights and the environment.

EU-Canada

When it went into force provisionally, this agreement reduced tariffs on 99 percent of all tariff lines, with 98 percent of them being removed. It safeguards geographical indications in the European Union and enhances and ensures EU companies’ access to the Canadian services market.

EU and WTO 

The World Trade Organization (WTO) is a group of states and administrative regions that develop, implement, and execute international trade laws. The World Trade Organization (WTO) includes the European Union (EU) and individual EU countries. The major activities of the WTO are:

• Tracking members’ market strategy through the trade policy regulations;
• Using trade agreements to establish legal standards for trade;
• Dealing with trade conflicts;
• Serving as a venue for international trade talks.

The EU’s objectives

The EU’s goals in the WTO are to maintain the global economic structure just, reliable, and built on common standards; develop global trade marketplaces so that European products, services, and finance can flourish; and adhere to common WTO rules while ensuring that others do as well.

By cooperating with both non-members and other global bodies, the EU helps to expand the WTO. It integrates emerging countries into the World Trade Organization, its decision-making processes, and its economy. Finally, the EU reaffirms the WTO’s support for a global sustainable trade policy.