WORLD HISTORY

Detailed explanation-1: -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: -The EU negotiates trade agreements on behalf of the member states – including Ireland. These agreements deal with preferential duty rates on the shipment of goods between the EU and countries around the world. They have also evolved to cover a wider range of areas to facilitate trade.

Detailed explanation-3: -The European Union (EU) has always operated as more than a free trade area with its predecessor, the European Economic Community (EEC) being founded as a customs union. The EU has free trade agreements to varying levels with most other European countries.

Detailed explanation-4: -In October 1991 the members of the EFTA and EEC agreed to establish a free-trade zone among themselves called the European Economic Area (EEA), which came into effect on January 1, 1994.

Detailed explanation-5: -The European Free Trade Association (EFTA) is an intergovernmental organisation set up for the promotion of free trade and economic integration to the benefit of its four Member States – Iceland, Liechtenstein, Norway and Switzerland – and the benefit of their trading partners around the globe.