An overview of EU trade agreements from an Italian perspective

Italy, a trade-oriented country, is the 10th largest importer and exporter worldwide, with trade making up about 60% of its GDP. As a European Union (EU) member state, the country abides by the organization's trade policies and agreements.

One of the most outward-oriented unions, the EU is the world’s largest single market area. In fact, free trade among the member states was one of its founding principles, as well as a commitment to opening up to world trade.

Thus, the EU actively engages with countries or regional groups to negotiate trade agreements that grant mutually-beneficial access to the markets of both the EU and the non-EU countries. This allows EU companies to grow their business and import the raw materials they use to make their products more easily. For Italy, this is especially important because it largely depends on imports for its energy needs, with petroleum and gas products being its main imports.

The organization is also significant to the country since various companies across Italy export a wide range of goods and services to Mercosur, and the EU’s trade agreement with Mercosur will make this process much cheaper and easier. Moreover, its main trading partners are EU member countries as well. As for non-EU countries, top export destinations are the US, the UK, and China, and the main non-EU import origins include China, the US, and Russia. 

The EU is also working to remove trade barriers so that European exporters can gain fair conditions and increased access to other markets. Moreover, the EU supports foreign companies, providing practical information on how to better access the EU market.

Currently, the union is working with the World Trade Organization (WTO) to help set global trade rules and remove obstacles to trade between WTO members as well. Since Italy is a member of the WTO, it may apply WTO rules while negotiations are ongoing. The complete list and other details about the trade agreements currently in force and under negotiations can be found here. 

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