European Union (EU)

Purpose

Create an economic and political union among European states with a single market, shared institutions, and common policies on trade, agriculture and other matters.

Members:

27 member states

Headquarters:

Brussels, Belgium

History

The EU traces its roots to the European Coal and Steel Community (1951) and the European Economic Community (1957), formed to bind postwar Europe together economically and prevent future conflict; it took its current name and structure with the Maastricht Treaty in 1993.

Structure

• European Council
• European Commission
• European Parliament
• Council of the European Union
• Court of Justice of the EU

Key facts

• Introduced the euro as a shared currency in 1999 (notes and coins from 2002), now used by 20 of its member states
• Awarded the Nobel Peace Prize in 2012
• The United Kingdom left the EU in 2020 ("Brexit"), the first member state ever to withdraw

Pakistan's relationship

Not a member (not a European state); Pakistan is a major beneficiary of the EU's GSP+ preferential trade scheme.