EU And South Korea Formally Sign Free Trade Agreement
According to the European Union website (europa.eu) announcement, in October 6th, during the EU - South Korea summit,
EU trade
Commissioner Gucht and Belgian foreign minister Vanna Kerr, on behalf of the European Union and South Korean trade minister Jin Yonghong, represent the Republic of Korea, and formally signed the EU and South Korea Free Trade Agreement (FTA) in Brussels.
The EU said it was the most ambitious trade agreement ever reached by the European Union and the first FTA agreement with Asian countries.
The European and Korean FTA was signed in October 15, 2009. After that, the draft agreement was plated into Korean and 21 European Union Member States and was approved by all EU Member States.
For the European Union, the agreement and its related laws and regulations will enter the European Parliament, the Council of Ministers of the European Union and the procedures for approval of national parliaments after the formal signing of the agreement. It is scheduled to enter the interim application phase in July 1, 2011.
according to
Europe and Korea
FTA, after the implementation of the agreement and the pition period of 5 years, except for a small part.
Agriculture products
Besides, 98.7% of EU and South Korea's tariffs on industrial and agricultural products will be abolished.
At the same time, in terms of service trade and bilateral investment, they provide more market access to each other, and have made new progress in such fields as intellectual property rights, government procurement, competition policy, trade and sustainable development.
After the implementation of the agreement, EU export enterprises will save 1 billion 600 million euros in tariffs annually.
Studies show that Europe and Korea FTA will create 19 billion 100 million euros new trade volume for the EU every year.
In 2009, the total trade volume between the EU and the Republic of Korea was 54 billion euros. The EU exported 21 billion 500 million euros to South Korea and 32 billion 100 million euros from Korea. In 2008, the European Union imported and exported 4 billion 400 million and 7 billion 800 million euros to the Korean trade in services respectively.
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