ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The EU promotes democratic values in its member nations and is one of the world’s most powerful trade blocs . Nineteen of the countries share the euro as their official currency. The EU grew out of a desire to strengthen economic and political cooperation throughout the continent of Europe in the wake of World War II.

Detailed explanation-2: -The European Union is one of the most outward-oriented economies in the world. It is also the world’s largest single market area. Free trade among its members was one of the EU’s founding principles, and it is committed to opening up world trade as well.

Detailed explanation-3: -EU-Canada – Comprehensive Economic Trade Agreement (CETA) The benefits related to tariffs are in force. CETA was the first of the new generation of trade agreements signed by the EU.

Detailed explanation-4: -The aims of the European Union within its borders are: promote peace, its values and the well-being of its citizens. offer freedom, security and justice without internal borders, while also taking appropriate measures at its external borders to regulate asylum and immigration and prevent and combat crime.