European Union and its role in trade and business

Running head: International Business
International Business

International Business
1. European Union and its role in trade and
business
European Union is considered as an economic and politic union of 27 member states that
are situated in Europe. It is the society in which the individuals come together so that peace and
security can be maintained within the nations. It is an integration of the states that focuses on
various histories, economies, and political systems. In the recent scenario, it has been analyzed
that EU covers a majority of over 500 million populations. The creation of single currency
depends mainly on the unions to achieve success in the respective economies. There are also
many other nations who rely on the EU trade, finance and also investment. EU has a great force
on the global political arena. European Union was started on 1 November 1993 in Maastricht,
Netherlands (Hill & Vanhoonacker, 2017).
The European Unit was established with the motive to the aim of ending the frequent
and wars which take place between the neighbors and which resulted in the Second World War.
In 1950, it has been seen that European coal and steel community started to unite with the
European countries economically and also on a political basis so that peace can be maintained.
The motto of European Union is related with "Unity in Diversity". It first came in 2000. It shows
that how the Europeans came together in the form of EU and worked with peace and also it has
been enriched by the continents that consist of many different culture, traditions, and language.
The goal of the European Union is to promote the rights of the human both internally and
externally on a global basis. The values of the EU are related to the freedom, human dignity and
also respect for human rights (Greenwood, 2017).
The role of European Union in trade and business is related to the right to support to
export and import the products freely. The European Union focuses on business trading in which
the European economic area and turkey have the right to export and also import the overall
products or the goods. It has also been analyzed that European Union is considered as the biggest
trader in the world.
The basic principle of the EU is to conduct free trade among its members and also it is
linked with the committed liberalizing world. EU is the largest exporter of the manufactured
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