The Banking Executive Magazine - August 2023 Issue

INTRODUCTION This article overviews the European Union (EU) single market and efforts to establish the Arab single market. The overview covers the objectives and structure, the challenges and op- portunities, and the growth and im- pact and future outlook of the EU single market. The article concludes with a road map towards an inte- grated and sustainable Arab single market. EU SINGLE MARKET OBJECTIVES AND STRUCTURE The European single market is a sin- gle market comprising the member states of the European Union (EU) as well as Iceland, Liechtenstein, and Norway through the Agreement on the European Economic Area, and Switzerland through sectoral treaties. The single market is the area of the EU in which goods and services can move freely, without internal borders or regulations. This means that barri- ers, such as tariffs, are not imposed on trade within the single market. The concept of a Single Market was formally introduced with the signing of the Single European Act in 1986. This act aimed to remove barriers to trade and create a common market among EU member states. The Single Market eliminated customs duties the BANKING EXECUTIVE 32 ISSUE 176 AUGUST 2023 LESSONS FROM THE EU SINGLE MARKET TOWARDS AN INTEGRATED AND SUSTAINABLE ARAB SINGLE MARKET BY DR SOHA MAAD