The People`s Republic of China has bilateral trade agreements with the blocs, countries and their two specific administrative regions: Many EU trade agreements are still being ratified and are only being implemented temporarily. CETA is a mixed agreement. Chapters under the exclusive competence of the Union are currently being applied on an interim basis, with ratification not yet completed in the Member States. On the other hand, the chapter on investment protection is not yet implemented until ratification by members. The EU and Singapore have negotiated a free trade agreement and an investment protection agreement, two separate treaties. The trade agreement came into force at the end of 2019, after the approval of the European Parliament and the Council. The investment protection agreement still needs to be ratified by all Member States according to their own national procedures. In mid-2019, the EU signed a trade agreement and an investment protection agreement with Vietnam. The free trade agreement with Vietnam was approved by the European Parliament in February 2020; Vietnam has already complied with EU requirements for compliance with international labour standards. The free trade agreement is expected to enter into force in the summer of 2020. Turkey has bilateral and multilateral agreements: these large-scale agreements can resort to detailed negotiations for several years.
The central pillar of rules-based and open trade should always be the WTO. This is the first and best way to open markets around the world and establish new rules for trade. However, free trade agreements can be - and have been for years - a useful complement to the multilateral trade order. In the context of the WTO crisis, these agreements are increasingly economically and politically relevant, which is essential for the EU`s foreign trade policy. The EU has free trade agreements with 37 partners that have entered into full force, including South Korea, Japan and Singapore, as well as free trade agreements with 43 partners, such as Canada and Ukraine, which are provisionally implemented. In May, the EU and Mexico also reached an agreement on modernising the existing agreement. Negotiations for new free trade agreements are underway with 19 countries, including Australia and New Zealand. If no agreement is reached by December 31, many imports and exports will be billed, which could drive up prices for businesses and consumers.
Brexit: UK trade `difficult when the Irish border is unresolved` Minister Altmaier: "By modernising our trade agreement with Mexico, we are sending a strong message for free and fair world trade." The European Commission is committed to a new generation of free trade agreements, which will be concluded first and foremost with the world`s largest and fastest growing regions.