ID :
190811
Fri, 06/24/2011 - 08:59
Auther :
Shortlink :
https://oananews.org//node/190811
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Korea-EU FTA to offer new trade opportunities: EUCCK
SEOUL, June 24 (Yonhap) -- The free trade deal between South Korea and the European Union (EU) is expected to start a new chapter in bilateral trade, but there remain some unresolved market access issues, a European business body here said Friday.
In April, South Korea's parliament approved the free trade agreement (FTA), which was signed in October of last year. The accord will take effect on July 1. In February, the European Parliament ratified the accord.
"This agreement will open up new trade opportunities in goods and services and will bring about an unparalleled series of tariff liberalization and dismantling of technical barriers to trade," Jean Marie Hurtiger, chairman of the European Union Chamber of Commerce in Korea (EUCCK), said in a press conference in downtown Seoul.
"Korean companies will also have access to the sizable markets of EU countries."
Under the deal, Seoul and Brussels will eliminate or phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years after the accord takes effect. They have also agreed to abolish tariffs on most industrial goods within five years of the deal taking effect.
But Hurtiger, also chairman of Renault Samsung Motors Co., Ltd., said even with the FTA, regulations will still remain, which can be considered as market barriers for global foreign companies.
"I must mention here that, while the FTA will address the tariff barriers that have prevented so far many EU investors from penetrating the Korean market, there are still many market access issues that remain to be tackled," he said.
Medical Devices Committee Chairman Maxim Mamin said the Korean medical device market, which is the fourth biggest in Asia and 13th largest in the world, was generally regarded by EU companies as "difficult."
"European manufacturers are required to perform additional testing procedures for approval in Korea, even though products already comply with international standards and certifications," said Mamin.
"In the course of EU-Korea FTA implementation, the medical device industry expects Korean authorities to further improve communication with industry members in regards to listing, pricing and reimbursement based on fair, transparent, objective and non-discriminatory principles."
Hurtiger said more practical and substantial steps are needed to improve relevant regulations to meet global standards.
"We strongly believe that tackling perceived market access barriers in a mutually cooperative and transparent environment is beneficial for all involved parties," he said.
He said the EUCCK will make efforts to help South Korean and European companies explore each other's markets and enjoy benefits by accessing new markets.
The FTA is expected to boost bilateral trade between South Korea and the EU by as much as 20 percent in the long term, according to the state-run Korea Institute for International Economic Policy.
Trade between the 27-member economic bloc and South Korea totaled US$92.2 billion last year, rising around 17 percent from 2009. The EU is currently in talks with India and Singapore.
brk@yna.co.kr
In April, South Korea's parliament approved the free trade agreement (FTA), which was signed in October of last year. The accord will take effect on July 1. In February, the European Parliament ratified the accord.
"This agreement will open up new trade opportunities in goods and services and will bring about an unparalleled series of tariff liberalization and dismantling of technical barriers to trade," Jean Marie Hurtiger, chairman of the European Union Chamber of Commerce in Korea (EUCCK), said in a press conference in downtown Seoul.
"Korean companies will also have access to the sizable markets of EU countries."
Under the deal, Seoul and Brussels will eliminate or phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years after the accord takes effect. They have also agreed to abolish tariffs on most industrial goods within five years of the deal taking effect.
But Hurtiger, also chairman of Renault Samsung Motors Co., Ltd., said even with the FTA, regulations will still remain, which can be considered as market barriers for global foreign companies.
"I must mention here that, while the FTA will address the tariff barriers that have prevented so far many EU investors from penetrating the Korean market, there are still many market access issues that remain to be tackled," he said.
Medical Devices Committee Chairman Maxim Mamin said the Korean medical device market, which is the fourth biggest in Asia and 13th largest in the world, was generally regarded by EU companies as "difficult."
"European manufacturers are required to perform additional testing procedures for approval in Korea, even though products already comply with international standards and certifications," said Mamin.
"In the course of EU-Korea FTA implementation, the medical device industry expects Korean authorities to further improve communication with industry members in regards to listing, pricing and reimbursement based on fair, transparent, objective and non-discriminatory principles."
Hurtiger said more practical and substantial steps are needed to improve relevant regulations to meet global standards.
"We strongly believe that tackling perceived market access barriers in a mutually cooperative and transparent environment is beneficial for all involved parties," he said.
He said the EUCCK will make efforts to help South Korean and European companies explore each other's markets and enjoy benefits by accessing new markets.
The FTA is expected to boost bilateral trade between South Korea and the EU by as much as 20 percent in the long term, according to the state-run Korea Institute for International Economic Policy.
Trade between the 27-member economic bloc and South Korea totaled US$92.2 billion last year, rising around 17 percent from 2009. The EU is currently in talks with India and Singapore.
brk@yna.co.kr
