The European Union is one of the strongest economic regions in the world.
The European Union as a political and economic union of 28 European states is one of strongest economic areas in the world. With 500 million people, it has 7.3% of the world’s population but accounts for 23% of nominal global GDP.
Free trade and removal of customs barriers without any additional taxation in EU helped to reduce costs and prices of goods and services. Removal of customs barriers means customs clearance documents no longer need to be completed, cutting bureaucracy, reducing costs, delivery times, no additional taxation and increased trade in EU. Increased trade in EU creates higher income for business environment.
Increased trade in EU is also armed with harmonized law (e.g. electronic and electric equipment, machinery, lifts, medical devices, etc.). Harmonised sectors are subject to common rules across the EU. They provide a clear and predictable legal framework for businesses. Thus if manufacturers of exporters follow these rules, their products can be sold freely in the market of EU. Non-harmonised sectors are not subject to common EU rules, thus they come under the national rules however with free movement of goods in EU without customs barriers.
EU benefits also from the Schengen area. The Schengen area is an area comprising 26 European states that have officially abolished passport and all other types of border control at their mutual borders. Thus it is much more easier to travel in Schengen area and build a business and customer network.
Many of the EU member states benefits from the Eurozone. Eurozone is an area of a monetary union of 19 of the 28 EU member states which have adopted the EURO (€) as their common currency. The common currency ensures the lower transaction costs, greater price transparency (compare prices), no exchange rate uncertainty, common inflation reduce measures adopted in EU, lowest bank interests rate, economic stability and many others.