Possibilities of applying foreign trade policy in the EU

The accession of new member states to the European Union in 2004 meant in their foreign trade receiving the rules of Common Trade Policy which is aplicated towards the third countries. Liberalised trade on the Single market enables the most efficient producers to compete fairly with rivals in other countries. The removal of barriers to free trade within the EU makes a significant contribution to their prosperity and this has reinforced its commitment to global liberalisation. The harmonisation of common external tariff means that EU countries had to participate as a single group in international trade negotiations. External trade thus became one of the first instruments of European integration requiring member states to pool part of their sovereignty.