WORLD HISTORY

Detailed explanation-1: -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-2: -As an EU national, you enjoy the right of free movement. This means you’re entitled to travel, work and live in another EU country. If you’re a citizen of a Schengen country – which is most EU countries – you’re also free to travel to other Schengen countries without the need for border checks.

Detailed explanation-3: -On 17 June 2022, the European Union relaunched negotiations with India for a Free Trade Agreement, and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs).

Detailed explanation-4: -A free trade area (FTA) provides its members with a mass market without barriers to impede the flow of goods and services. The European Union is a good example of a free trade area. A customs union is the most fully integrated form of regional cooperation.