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Spain - European Union Trade Agreement

The automotive industry has always been Spain's leading giant in manufacturing. Many popular companies such as Volkswagon had great success in the industry up until the downward spiral in 2008 due to unfavorable governent policies. However, the tourism industry has not been affected and has actually been growing year by year,

Spain and the European Union

  • In order for the EU's Single Market to develop protection of property rights and a strong Rule of Law must exist.

  • Spain has managed to improve and maintain these policies throughout the years.

Spain's Property Rights

Spain's Ruleof Law

Spain's accession to the (EU) in 1986, required

the country to:

  • open its economy to trade and investment
  • modernize its industrial base
  • improve infrastructure
  • revise economic legislation to conform to EU guidelines

Spain

European Union. (EU)

  • Population: 46.507.760 (2014)
  • Population as % of total EU population: 9.2 % (2014)
  • Total GDP,1.619 trillion USD, 14th in the world.
  • Political system: parliamentary constitutional monarchy
  • It's a member of the European Union since 1986
  • The EU is a unique economic and political partnership between 28 European countries
  • The EU was created in the aftermath of the Second World War.

Objectives

  • Foster economic cooperation
  • Single European currency, the euro
  • Abolition of border controls between EU countries.
  • Single or 'internal' market

Volkswagen car market share in the UK

Spain's Exports & Imports

Spain's greatest trade is with France, Germany, Italy, and Great Britain.

Main Exports:

  • machinery, motor vehicles,
  • fruit, wine, and other food products
  • pharmaceuticals

Main Imports:

  • machinery and equipment
  • fuels, chemicals
  • manufactured goods, foodstuffs
  • medical instruments

Conclusion

Impact on the trade agreement have been extremely dynamic and have positively affected trade in Spain. Having distributing cars, automotive machinery has drastically helped the economic situation in Spain over the course of 20 years. Not only did the FDI help Spain recover from a 5-year recession but it has increased the inward of stock 47% in 17 years.

Employment and wages has drastically increased because of the tourism and chemically made products directly supplied from Spain to Countries associated with the EU such as (France and Italy). The trade agreement has been one of the major beneficial things for our country Spain, ergo why it came out of its 5 year recession and sold more cars and automotive part in its history. With out the agreement Spain wouldn’t be much of a powerful/Relative economic country.

Marques Wines has out-striped Italy and France to become the world's biggest wine exporter, exporting 23,000,000 hectoliters in the year 2014. France is now one of the largest buyers of Spanish wines directly from Spain. The EU has allowed Spain to supply countries such as France and Italy, allowing them to dominate marketplaces, doing over 15 billion in exports in the course of 6 years.

Santander bank, one of the leading banks in Spain, has had tremendous growth in the past two decades. After the acquisition of Sovereign bank in 2006 throughout 2008 the bank has grown into owning 77 billion dollars in assets and operating 723 retail-banking offices. Clearly establishing a direct foundation that without the trade agreement this would be very unlikely as to doing this because of all the funding that was needed to be required for countries associated with Spain and the EU along with Spain itself.

2 million people of the total labor force is a direct result from tourism in Spain. The graph provides us with visuals on the increase in the industry from 1995-2009. The more the increase in USD, the more labor force needed.

The biotechnology industry is the core to the success of Spain. Fertilizers and chemicals are prominent and definitely affected the citizens of the country. it currently employs 150,000 employees and as investments in this field are increasing, more and more jobs are being made available to the people of the country. the Spanish specialty chemicals market had total earnings of $24.2 billion in 2008 and growing at a 9% rate from 2004-2008.

EU Single Market

Free Market Agreement between members.

  • Single market that guarantees the free movement of goods, capital, services, and people
  • Each member state is obliged to recognize goods which had been legally produced in another member state.
  • Customs duties, prohibits member states from levying any duties on goods crossing a border.
  • Discriminatory taxes, eliminating all forms of protection
  • Elimination tariffs and quotas.
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