section_path: Economy/Trade/External trade
section_name: External trade
paragraph_text: External trade
  
  The European Union has concluded free trade agreements (FTAs) and other agreements with a trade component with many countries worldwide and is negotiating with many others. The European Union's services trade surplus rose from $16 billion in 2000 to more than $250 billion in 2018. In 2020, in part due to the COVID-19 pandemic, China became the EU's largest trading partner, displacing the United States. The European Union is the largest exporter in the world and in 2008 was the largest importer of goods and services. Internal trade between the member states is aided by the removal of barriers to trade such as tariffs and border controls. In the eurozone, trade is helped by not having any currency differences to deal with amongst most members. Externally, the EU's free-trade agreement with Japan is perhaps its most notable one. The EU-Japan Economic Partnership Agreement was officially signed on 17 July 2018, becoming the world's largest bilateral free trade deal when it went into effect on 1 February 2019, creating an open trade zone covering nearly one-third of global GDP.