What does Extra EU and Intra EU mean?

"Extra EU" refers to trade and economic activities that occur between European Union (EU) member countries and non-EU countries, while "Intra EU" pertains to trade and activities that happen within the member states of the EU themselves. Intra EU transactions benefit from free movement of goods, services, and capital, while Extra EU transactions are subject to tariffs and customs regulations. These terms help in understanding the dynamics of trade relationships both within and outside the EU framework.