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Regional Trade Agreements Portugal

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Regional trade agreements, also known as RTAs, are agreements between two or more countries to reduce trade barriers and promote economic integration. These agreements can take various forms, such as free trade agreements, customs unions, or common markets. In this article, we’ll take a closer look at Portugal’s involvement in regional trade agreements.

Portugal is a member of the European Union (EU), which has a common trade policy and negotiates trade agreements on behalf of its member states. As such, many of Portugal’s trade agreements are negotiated at the EU level. The EU has concluded RTAs with various regions and countries, including:

– The European Free Trade Association (EFTA): Iceland, Liechtenstein, Norway, and Switzerland.

– The European Economic Area (EEA): Iceland, Liechtenstein, Norway, and all EU member states.

– The Eastern Partnership (EaP): Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine.

– The Association of Southeast Asian Nations (ASEAN): Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

– The Southern Common Market (MERCOSUR): Argentina, Brazil, Paraguay, and Uruguay.

In addition to these agreements, the EU is currently negotiating RTAs with other regions and countries, such as Australia, Canada, Japan, and Mexico.

Portugal also has bilateral trade agreements with countries outside the EU. Some of Portugal’s most significant partners include:

– Angola: Portugal’s former colony is now one of its main trading partners outside the EU. Portugal exports goods such as machinery, vehicles, and food products to Angola, while importing oil, diamonds, and other minerals.

– Brazil: As a former Portuguese colony, Brazil has strong cultural and economic ties with Portugal. The two countries have a long-standing bilateral trade agreement, which covers various sectors such as agriculture, energy, and tourism.

– China: Portugal was the first European country to sign a memorandum of understanding with China under the Belt and Road Initiative. The two countries have been strengthening their economic ties, with Portugal becoming a strategic hub for Chinese investment in Europe.

– India: Portugal has historical ties with India, dating back to the colonial era. The two countries have a bilateral trade agreement, which covers sectors such as textiles, footwear, and pharmaceuticals.

In conclusion, Portugal’s involvement in regional trade agreements is significant, both at the EU and bilateral levels. These agreements help Portugal to access new markets, promote economic growth, and strengthen its ties with other countries. As a member of the EU, Portugal benefits from the EU’s common trade policy and negotiating power. Portugal’s geographical location, historical ties, and strategic partnerships make it a valuable player in the global trade arena.