Portugal Free Trade Agreements – An Overview
Portugal, a small country in Western Europe, has been an important player in the global trade arena for centuries. The country has long been associated with trade and commerce, and has a history of being a hub for international trade. Today, Portugal is a member of the European Union, and also maintains several free trade agreements with a number of countries around the world.
Free trade agreements (FTAs) are agreements between two or more countries that aim to reduce or eliminate trade barriers, such as tariffs and quotas, between the participating countries. These agreements are designed to promote trade and investment, and to foster economic growth and development.
Portugal has several free trade agreements in place with countries around the world. These agreements cover a wide range of sectors, including goods, services, and investment.
The most important free trade agreement that Portugal is a party to is the European Union (EU) free trade area. This agreement, known as the EU single market, allows for the free movement of goods, services, capital, and people within the EU. Portugal has been a member of the EU since 1986, and has benefited greatly from the single market.
Portugal also has several free trade agreements with countries outside the EU. These include:
– European Free Trade Association (EFTA): Portugal is a member of EFTA, which is a free trade area comprised of Iceland, Liechtenstein, Norway, and Switzerland. The EFTA free trade agreement with the EU allows for tariff-free trade between the two regions.
– European Economic Area (EEA): Portugal is also a member of the EEA, which is made up of the EU member states, plus Iceland, Liechtenstein, and Norway. This agreement provides for the free movement of goods, services, capital, and people within the EEA.
– Mercosur: In 2021, Portugal became the first EU member state to ratify the free trade agreement between the EU and the South American trade bloc Mercosur, which includes Brazil, Argentina, Paraguay, and Uruguay. The agreement aims to eliminate tariffs and other trade barriers between the two regions.
– Canada: Portugal has a free trade agreement with Canada, which came into force in 2019. The agreement aims to increase trade between the two countries by reducing or eliminating tariffs on a wide range of goods and services.
– Morocco: Portugal has a free trade agreement with Morocco, which came into force in 2000. The agreement aims to promote bilateral trade and investment between the two countries.
– Mexico: Portugal has a free trade agreement with Mexico, which came into force in 2001. The agreement aims to promote trade and investment between the two countries by reducing or eliminating tariffs on a wide range of goods and services.
These are just a few examples of the free trade agreements that Portugal has in place. These agreements play an important role in promoting trade and investment, and in fostering economic growth and development in Portugal and around the world.
In conclusion, Portugal has a long history of trade and commerce, and has been an important player in the global trade arena for centuries. Today, the country is a member of the EU and also maintains several free trade agreements with a number of countries around the world. These agreements are designed to promote trade and investment, and to foster economic growth and development. Portugal`s free trade agreements are an essential part of the country`s trade policy, and will continue to play an important role in the country`s economic future.
