The Economy and the European Union
The EU has a total population of 508 Million people, 28 countries in partnership and is accountable for more than a quarter of the global Economy.
Key Aims of EU
Aim 1 - To help keep and deliver the peace, stability and prosperity around the world when in crisis.
Aim 2 - To help our partners in global issues such as energy crisis, and poverty etc.
Aim 3 - To assure goods and people move freely through the EU when trading.
Aim 4 - To be the largest development assistance group around the world.
Aim 5 - To achieve its energy and climate targets.
Why is the EU concerned about the likes of China, India, the US, Brazil and Russia?
Because they are all deemed to be at a similar stage of newly advanced economic development. It is typically rendered as "the BRICs" or "the BRIC countries" or "the BRIC economies" or alternatively as the "Big Four".
Why countries across the EU are concerned about ensuring fair competition for all businesses?
The aim of EU competition policy is to safeguard the correct functioning of the Single Market. In essence it ensures that enterprises have the possibility to compete on equal terms on the markets of all Member States.
Protectionism is the economic policy of restraining trade between states (countries) through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) fair competition between imports and goods and services produced domestically.
A tariff is a tax on imports or exports (an international trade tariff).
A limited quantity of a particular product which under official controls can be produced, exported, or imported.