List of terms in glossary:
The European Commission is the executive branch of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU. The European Commission has its headquarters in Brussels, Belgium, and some services also in Luxembourg. The Commission has Representations in all EU Member States and 139 Delegations across the globe.
The European Community merges three former European Communities - for nuclear energy (EURATOM), coal and steel (ECSC) and the European Economic Community (EEC or Common Market).
Unites the EU Member States and the three EEA EFTA States (Iceland, Liechtenstein, and Norway) into an Internal Market governed by the same basic rules. These rules aim to enable goods, services, capital, and persons to move freely about the EEA in an open and competitive environment, a concept referred to as the four freedoms.
Former regional organisation that aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957. Upon the formation of the European Union (EU) in 1993, the EEC was incorporated and renamed the European Community (EC). In 2009, the EC's institutions were absorbed into the EU's wider framework and the community ceased to exist.
Regional trade organisation and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland. The organisation operates in parallel with the European Union (EU), and all four member states participate in the European Single Market and are part of the Schengen Area. They are not, however, party to the European Union Customs Union.
Countries part of the European Free Trade Association. They are Iceland, Liechenstein, Norway and Switzerland.
The European Union is a unique economic and political union between 27 EU countries that together cover much of the continent. It is the largest trade block in the world, the biggest exporter of manufactured goods and services, as well as the biggest import market for over 100 countries. The EU's main economic engine is the single market. It enables most goods, services, money and people to move freely.
The EU's statistical office. Eurostat collects and publishes comparable statistics from all countries in the EU by standardising methods under the European Statistical System (ESS).
A trade preferential scheme adopted in 2001 for the 49 least developed countries. It grants duty- and quota-free access for almost all products, except arms and ammunition. It is regulated by Regulation (EU) No 978/2012 of the European Parliament and of the Council.
The price paid for the product ex-works (i.e. when it leaves the factory). It is a widely used international shipping term. The ex-works price includes the value of all the materials used and all other costs related to its production, minus any internal taxes, which are, or may be, repaid when the product obtained is exported.