EU competition and trade law is an important consideration for any organisation wishing to trade in the European market place. Failure to keep up to date and on the right side of it can result in huge fines and damage to an organisation, as well as damage to the economy itself.
If you are thinking of selling or buying products from or to the European Union (EU) you will need to become acquainted with the regions trade and competition laws. A solicitor may be a good investment if you are insuring of which of the many dense directives or regulations apply to you. Solicitors who help businesses to navigate the tricky waters of EU trade and competition law will have to keep themselves up to date with a body of law that not only applies to 27 different member states, but is also legislated for internationally and applied nationally in a wide variety of contexts.
The EU has put in place wide ranging trade regulations to promote fair and unrestricted competition between businesses operating in Europe and to protect the borderless European marketplace and its free flow of money, goods and services from harm caused by unscrupulous business activities.
European Union competition law regulates the activities of companies trading in the European marketplace and seeks to prevent practices which give an unfair advantage in the market at the cost of the consumer and the economy. There are four key areas which European Union competition law takes action in:
Inherent in all the arguments about the ‘unaccountable bureaucrats’ and the ‘powers going to Brussels’ are implicit rejection of the ability of the European Union (EU) to make European law. The European Union has the ability to pass laws and set regulations that affect the populations of member states every day.
Technically, international trade law is the regulation of trade between countries themselves; however, in today’s global marketplace the term is being used more and more often to describe the regulations for trade between private organisations based in different countries.
In 2009 the world Gross Domestic Product, or how much was cumulatively bought and sold across the globe, was around $70 trillion. This gives you some idea of the importance of global trade and international trade law to all to our daily lives. International trade law is the laws, rules, regulations and customs that have built up over hundreds of years of different countries trading with each other.
At the heart of the principles guiding the European Union as it formulates its policy and passes its legislation is the idea of maintaining the social and economic foundations that underpin the idea of a common market. Therefore EU trade and competition laws form a very important part of the legal structure of the EU.
The European Union is the largest single trading bloc on the planet and has always seen itself as a single market. As such trade laws are an important and indispensible part of the EU’s strategy for dealing with the outside world, but also dealing with economic relations between its own member states. The trade laws of the EU reflect the active promotion of competition.
Anyone running a business that is looking to trade in Europe will need regular advice and updates on EU competition and trade law in order to ensure that they are fully aware of the rights and obligations bestowed on any organisation that is trading in Europe in order to protect the market and its consumers from abusive, anti competitive practices.