EU-South Korea trade agreement is vitamine boost for Europe’s economy

South Korea must bring automotive regulation in line with agreement

South Korea must bring automotive regulation in line with agreement

The new free trade agreement between the European Union and South Korea, due to apply as of tomorrow, provides a “vitamine boost for Europe’s economy”. The EPP Group Coordinator in the International Trade Committee of the European Parliament, Daniel Caspary MEP, said: “South Korea is one of Europe’s most important trading partners. This free trade agreement will be the gateway for European access to other markets in Asia, eliminating almost all duties within the next few years.”

“The free trade agreement is a win-win-situation for Europe and South Korea alike. Europe will be able to expand its presence in this key Asian market especially for manufactured goods, luxury items, and agricultural products, while the safeguard clauses negotiated by the European Parliament ensure that our industries will not have to fear a sudden influx of imported goods from South Korea”, he added.

Daniel Caspary called on South Korean law-makers to fully implement all provisions of the free trade agreement, especially in the automotive sector. “There is no scope for exceptions. South Korea has to make sure it brings its regulatory framework in the automotive sector fully in line with the provisions of the agreement.”

With the European Parliament having given the green light, the new free trade agreement between the EU and South Korea will apply as of tomorrow, 1 July 2011. It aims at eliminating all trade barriers between the two trading partners.