Trade Agreements Greece
Trade Agreements with Greece: Boosting the Economy and Strengthening Ties with Trading Partners
Greece has long been a significant player in international trade, with a deep-rooted history in commerce that dates back thousands of years. As a member of the European Union (EU), Greece has also been actively involved in the formation of various trade agreements with different countries, creating opportunities for economic growth and bringing stronger ties with its trading partners.
In this article, we’ll explore the different trade agreements Greece has entered into and their benefits.
European Union (EU) Trade Agreements
As a member of the EU, Greece is part of the Customs Union, which means there are no tariffs on goods traded between EU countries. Beyond this, the EU has also established free trade agreements with countries outside of Europe, such as Canada and South Korea, which Greece can benefit from.
One of Greece`s most important trade partners is Turkey, with whom it shares a long history of trade relations. In 1996, Greece and Turkey signed a Customs Union agreement, which eliminated tariffs on industrial goods and established preferential treatment for agricultural products.
Free Trade Agreements (FTAs)
In addition to EU trade agreements, Greece has also entered into several bilateral Free Trade Agreements (FTAs) with non-EU countries. These agreements aim to increase trade in goods and services between the parties involved.
One of the most vital trade agreements Greece has signed is the FTA with the United States. Signed in 1990, it has helped boost trade between the two countries. Greece`s exports to the US include textiles, food products, and oil. Meanwhile, the US exports various products to Greece, such as machinery, aircraft, and medical equipment.
Other notable FTAs that Greece has signed include those with Switzerland, Israel, and Serbia.
Benefits of Trade Agreements
The primary benefit of trade agreements is that they facilitate trade between the countries involved by reducing trade barriers such as tariffs, quotas, and regulatory obstacles. This reduction in trade barriers creates more opportunities for businesses to export their products, leading to increased economic growth and job creation.
Moreover, trade agreements strengthen diplomatic relations between countries and increase the flow of knowledge, which can also lead to more joint ventures, collaborations, and partnerships.
Greece, as a member of the EU and with its own trade agreements, has established strong trade relations with different countries around the world. These agreements have contributed significantly to Greece’s economy, and will continue to do so in the future.
As Greece’s economy continues to grow, its trade agreements can play an essential role in expanding its reach and further strengthening its relationships with other nations across the globe.