Since its creation in 1993, the single market has opened itself more to competition, created jobs, and reduced many trade barriers. It is now critical to further develop the Single Market and exploit its untapped potential as an engine for growth.
The European Union (EU) is also the world’s largest exporter. The EU also represents an attractive export market for non-EU countries. The EU has exclusive power to legislate on trade matters and to conclude international trade agreements, based on World Trade Organisation rules, on behalf of its 28 member countries.