Economics Trade Barriers Questions
The European Union (EU) is a political and economic union of 27 member countries located in Europe. It aims to promote economic and political integration among its member states. The EU impacts trade barriers by implementing a single market, which allows for the free movement of goods, services, capital, and labor within its member countries. This means that trade barriers such as tariffs, quotas, and regulatory barriers are reduced or eliminated within the EU, facilitating trade among member states. Additionally, the EU negotiates trade agreements on behalf of its member countries with other countries or regions, further reducing trade barriers and promoting international trade.