European Union Fast Facts
- An estimated 511.8 million people lived within the European Union as of January 2017
- The United States is the EU’s main trading partner
- The capital of the European Union is Brussels, Belgium
- Ireland became members of the EEC in 1973
- The United States, which is not an EU member, has maintained a Mission to the EU since 1961.
- Consumer spending in Euro Area is expected to be 1,423.00 EUR Billion by end Q.2 2018 according to Trading Economics estimates.
- The U.S. has a strong strategic partnership with the EU reflected in its close cooperation on regional crises and conflicts, and its extensive collaboration on a broad range of global challenges from counter-terrorism to non-proliferation.
The European Union (EU) currently consists of 28 member states with a population of more than half a billion potential customers’. It may represent the best opportunity for your business to expand into each or specific countries with the potential to increase sales revenues. Current markets may be reaching their limits with increased competition and the difficulty of coming up with new ways to sell to the same customer base.
This increased geographical reach may also allow for purchasing economies of scale and very importantly, the possibility of lower taxes.