The Role of the European Union Single Market for the Development of International Business

As it is known, there are many significant issues are existed which are able to influence the improvement of the international business directly. It is popularly believed that the European Union Single Market is the most effective action for the development of international business. The main purpose of applying the Single Markets effects into international business transactions is to establish a business environment in which business activities can thrive between international firms in several practical ways and it has clearly achieved its goal. The idea of establishing European Union Single Market was the first to come out in the European Union (EU) community. According to an article which is issued on the internet European Union is a union of twenty-seven independent states based on the European Communities and founded to enhance political, economic and social co-operation. Formerly, it is known as the European Community (EC) OR European Union Economic Community (EEC). ( Moreover, According to a website The EU comprises a single market created by a system of laws which apply in all member states, guaranteeing the freedom of movement of people, goods, services, and capital. It maintains a common trade policy, agricultural and fisheries policies, and a regional development policy. ( Besides, in 1999, fifteen member states adopted Euro as a common currency in their economy which leads the consumers to compare the prices easily across the nations within the eurozone. The idea of applying the European Union Single Market issue into international business activities has loads of positive effects and in addition to that, offers many opportunities to the international business sector.