The Economy and the European Union

508 million people live in the EU countries. Also there are 28 countries in the EU. Another thing is that EU member states account for more than 1/4 of the entire global economy.

5 aims of EU

1) The European union had delivered more than 60 years of peace, stability and prosperity in Europe, and has responded peacefully to international crisis through foreign development policies and dozens of civilian and military crisis management and conflict prevention operations around the world.

2) The EU is the united states most important partner in terms of not only political and economic relations but also in addressing global challenges like promoting energy security and efficiency combating climate changes and helping developing nations like themselves out of poverty.

3) The EU is the worlds largest trading block counting for almost 1/5th of global trade. The EU's single market of more than 500 million consumers is the EU's main economic engine enabling mass goods, services, money and people to move freely throughout its territory.

4) The EU and its member states collectively are the largest providers of official development assistance around the world.

5) The EU has implemented the most ambitious set of climate and energy targets any where in the world.

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.

Protectionist policies

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.

Tariff

A tariff is a tax on imports or exports (an international trade tariff).

Export Subsidy

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.