73). The total volume of foreign trade in Slovakia increased by 16% in 1998. Economic growth in the future will depend on the countrys export performance (Embassy of the Slovak Republic). Slovakias primary exports include consumer goods, machine and machine equipment, industrial products, chemicals, raw materials, natural fuel, and foodstuffs (Embassy of the Slovak Republic). Exports increased by almost 16% in 1998 (Embassy of the Slovak Republic). Leading imports in Slovakia increased by 16.4% in 1998, which included machine and machine equipment, natural fuels, consumer goods, chemicals, industrial products, foodstuffs, and raw material (Embassy of the Slovak Republic). Foreign trade with European Union countries increased 35.4% in 1998 as compared to 1997 (Embassy of the Slovak Republic). The European Union is the Slovak Republics main trading partner, which accounted for 52.9% of foreign trade in 1998 (Embassy of the Slovak Republic). An Association Agreement was made between the European Union and the Slovak Republic in 1993 which has had substantial implications for foreign investment and trade in Slovakia (Embassy of the Slovak Republic). The Slovak Republic applied to the European Union in 1995 (Embassy of the Slovak Republic). Accession to the European Union is now the main economic and political objective of the Slovak Republic (Slovak Web).Slovakia and the World Trade OrganizationThe former Czechoslovakia became part of the General Agreement on Tariffs and Trade in 1947 (World Trade Organization). After its independence, the Slovak Republic became a member of the World Trade Organization on January 1, 1995 when the GATT was replaced by the WTO as a permanent international organization (World Trade Organization). One of the main principles of Slovakias foreign trade policy is to continue the liberalization of exports and imports (Embassy of the Slovak Republic). This principle is best applied by using market mecha...
