The information on this site is subject to a disclaimer and a copyright notice . The European Union continues to be the leading trading partner for many industrialised countries. In the last decade, the pattern of EU trade flows has however reflected the changes in the international division of labour.
Services dominate European economic activity.
Over half of the EU's inward and outward foreign direct investment is related to services. The EU has been busy consolidating its single market. Traders at home and overseas can market their goods in the EU based on one set of rules. The current European Union of 15 Members is the largest single market in the world. There are no internal frontiers and the harmonisation of regulations and standards ensures a freer circulation of goods and services than is possible within many individual countries.