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36 MoldMaking Technology November 2014 Global Market Opportunities By Michael Taylor T he European Union (EU) is the second largest economy in the world, generating a gross domestic product (GDP) in 2013 of $15.8 trillion or approximately 23 percent of the world's GDP. It had been the world's largest economy, but the United States regained that position, producing $16.7 trillion in economic output last year. This was the first year since the financial crisis that the EU was not in first place. Together, the EU and the U.S. generate 37 percent of the world's economic output of $87.18 trillion. The EU is a politico-economic union of 28 states that are pri- marily located in Europe and includes Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, the Slovak Republic, Slovenia, Spain, Sweden and the United Kingdom. It has established a single market across the territory of all its members. In addition, 18 of its member states have also joined a monetary union known as the Eurozone or Euro area, which uses the Euro as a single currency. According to Credit Suisse Global Wealth Report 2012, the EU owns the largest net wealth in the world, estimated to equal 30 percent of the $223 trillion global wealth. Of the top 500 largest corporations mea- sured by revenue, 161 have headquarters in the EU. On June 17, 2013, the beginning of negotiations between the EU and the U.S. on the Transatlantic Trade and Investment Partnership (TTIP) agreement was announced. TTIP seeks to remove trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the U.S. In addition to reducing tariffs across all sectors, the EU and the U.S. want to tackle barriers behind the customs border, such as differences in technical regulations, standards Use this data and analysis to help develop a strategic vision for what foreign markets you should explore to grow your sales beyond the U.S. and approval procedures. These barriers often unnecessarily cost time and money for companies that want to sell products in both markets. During the May election for the European Parliament (EP), Europeans voted overwhelmingly for the moderately conserva- tive European People's Party (EPP) and the moderately left-of- center Socialists and Democrats (S&D;). Voters also preferred new Eurosceptic national parties over the traditional liberal (free market), green, far left, and conservative and reformist candidates. Now as many as 30 percent of the members of the EP can be labeled as Eurosceptic, although in all likelihood only 20 to 25 percent of them might promote consistently anti- integration policies. This EP election result could likely impact TTIP negatively, as traditional pro-American political forces might be more hesitant to support the treaty. Given the EP's continuing increased scrutiny of commission-initiated proposals, the timetable for the treaty's conclusion is likely to shift much further into the future. Macroeconomic Overview Although the advanced European economies are expected to resume growth this year, economic growth in Europe is stum- bling again, despite the fact that the manufacturing sector is showing signs of strength. Advanced economies, according to the International Monetary Fund (IMF), include Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Norway, Portugal, San Marino, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland and the United Kingdom. Moldmaking Opportunities in Europe