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Tag: EU

The European Union (EU) stands as a unique and influential supranational entity, comprising 27 member states primarily situated in Europe. Covering a substantial area of 4,233,255 km2 and boasting a population exceeding 448 million.

In 2020, EU member states accounted for 5.8% of the world’s population, contributing significantly to the global economy with a nominal GDP of approximately US$16.6 trillion in 2022—representing about one-sixth of the total global nominal GDP.

At its core, the Customs Union laid the groundwork for an internal single market. This market operates on a standardized legal framework applicable across all member states in agreed-upon areas.

The eurozone, composed of 20 EU member states, has fully implemented the economic and monetary union, utilizing the euro as their common currency. Beyond economic matters, the EU exercises influence on the global stage through its Common Foreign and Security Policy.

Moreover, the European Union’s influence extends beyond economic and diplomatic realms. Through its Common Foreign and Security Policy, the EU actively engages in international relations and defense cooperation.

The EU’s commitment to cooperation is exemplified by the Schengen Area, where passport controls have been abolished, allowing for seamless travel across participating countries. This not only promotes mobility but also fosters a sense of unity among member states. Additionally, the eurozone, with its common currency, exemplifies a deep economic integration that transcends national borders.

The union’s policies address a spectrum of issues, from trade and agriculture to fisheries and regional development. By harmonizing regulations and standards.