For companies looking to expand internationally, gaining recognition for their products or services in foreign markets can be a challenge. Fortunately, non-European Economic Area (EEA) countries have established mutual recognition agreements (MRAs) with the European Union (EU) to facilitate trade and simplify the process of obtaining recognition for products and services. In this article, we will explore some of the non-EEA countries with MRAs and the benefits they offer.
Mutual recognition agreements are agreements between two or more countries that recognize each other`s standards and regulations. In the case of the EU, MRAs were established to facilitate trade with non-EEA countries by recognizing their conformity assessment procedures. This means that products and services that meet the standards of the non-EEA country are deemed equivalent to those in the EU.
One non-EEA country with an MRA with the EU is Canada. The Canada-EU Comprehensive Economic and Trade Agreement (CETA) was signed in 2016 and provides for the mutual recognition of numerous products and services, including pharmaceuticals, medical devices, electrical and electronic equipment, and telecommunications equipment. This agreement benefits Canadian companies by allowing them to sell their products and services in the EU without having to comply with additional regulations and standards.
Another non-EEA country with an MRA with the EU is Japan. The EU-Japan Economic Partnership Agreement (EPA) was signed in 2018 and includes a chapter on mutual recognition. This agreement covers a wide range of products, including machinery, vehicles, and pharmaceuticals. Japanese companies can now sell their products in the EU without having to undergo additional testing and certification, saving time and money.
South Korea is also a non-EEA country with an MRA with the EU. The EU-Korea Free Trade Agreement (FTA) was signed in 2011 and covers numerous products, including pharmaceuticals, medical devices, and electrical and electronic equipment. South Korean companies can now sell their products in the EU without having to comply with additional regulations, making it easier for them to expand their business into European markets.
In conclusion, non-EEA countries with MRAs with the EU offer numerous benefits for companies looking to expand their business internationally. Canada, Japan, and South Korea are just a few examples of non-EEA countries that have established MRAs with the EU. By recognizing each other`s standards and regulations, these countries have made it easier for companies to gain recognition for their products and services in foreign markets.