The European Union and the World Trading System
The preceding chapters have described the establishment by the European Union of an internal market which comprises “an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured” (Art 26(2) TFEU). It is also necessary to situate the EU within the world trading system. This necessity arises from the fact that the EU cannot operate as an isolated or self-sufficient economic grouping. The EU is bound by its membership in the World Trade Organization (hereafter “WTO”), which aims to achieve global rather than regional trade liberali-zation. The world trading system also includes many regional and bilateral free trade agreements. Furthermore, most EU Member States are party to the Convention on Contracts for the International Sale of Goods (CISG).
KeywordsFree Trade World Trade Organization Free Trade Agreement Dispute Settlement Free Trade Area
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