The economy and the European union

population of the EU-506,983,000

There are 28 countries in the EU

protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.

Tariff-a tax or duty to be paid on a particular class of imports or exports.

Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic market through direct payments, low-cost loans, tax relief for exporters, or government-financed international advertising.

quota-a limited quantity of a particular product which under official controls can be produced, exported, or imported.