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The paper provides quantitative estimates of the impact of the European trade agreements on trade flows. It applies both static and dynamic panel estimation techniques. The results are useful to policymakers because new intra-European trade agreements are being negotiated. In the absence of a further expansion of the European Union, estimates of alternative policies may help to clarify the policy debate. The paper also illustrates that the performance of individual countries under the trade agreements can be explained in terms of their macroeconomic environment. The conclusions are likely to be relevant to the western Balkan countries and Ukraine.

Europe -- Commerce -- Econometric models. --- Europe -- Commercial treaties -- Econometric models. --- European Union countries -- Commercial policy -- Econometric models. --- International economic relations. --- Exports and Imports --- Trade Policy --- International Trade Organizations --- Trade: General --- International economics --- Trade agreements --- Customs unions --- Imports --- Exports --- Trade relations --- Commercial treaties --- Protectionism --- International trade --- Ukraine --- European Union countries --- Europe --- Balkan Peninsula --- Commercial policy --- Econometric models. --- Commerce