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191976
Thu, 06/30/2011 - 09:52
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https://oananews.org//node/191976
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EU-Korea FTA to bring huge economic benefit: EU envoy
SEOUL, June 30 (Yonhap) -- The free trade agreement (FTA) between South Korea and the European Union (EU) is a landmark deal that will bring great economic benefit to both sides, an EU diplomat said Thursday.
The South Korea-EU FTA is set to take effect on Friday after being signed in October last year following two-and-a-half years of negotiations. South Korea's parliament approved the free trade pact in May, and the European Parliament ratified the deal in February,
"I would like to underline that this deal is a landmark for South Korea and the EU, and it is the most ambitious trade agreement ever negotiated by the EU and Korea," EU ambassador to Korea Tomasz Kozlowski told reporters.
"I am absolutely convinced that this is an economic partnership and economic alliance, and it will also multiply flows of goods and services," he said.
The EU envoy said the deal is the first of its kind with an Asian country that the EU has ever signed. "This agreement is a win-win deal to both sides and is beneficial for the EU and South Korea," he said.
The EU is the second-largest trade partner for South Korea and absorbs around 20 percent of Korean exports, Kozlowski said, adding that the free trade deal will further boost bilateral trade.
Overall, the South Korea-EU deal is expected to boost bilateral trade by as much as 20 percent in the long term, according to earlier estimates by 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.
Under the deal, Seoul and Brussels would 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.
Kozlowski said the deal also allows consumers to have a wide range of product choices, benefiting them with more competitive pricing and better quality of goods and services.
"We will be able to enjoy much choice of products and to buy them at cheaper prices," he said.
The EU envoy said that the free trade deal is expected to help attract more investment into Korea from the EU and third countries, as they seek to capitalize on this agreement.
Kozlowski also said efforts should be taken to help implement this accord down the road without major problems. "The important thing is that we have to work hard to implement this deal properly," he said. "Also, the private sectors in the both sides should work to utilize this deal as well."
The South Korea-EU FTA is set to take effect on Friday after being signed in October last year following two-and-a-half years of negotiations. South Korea's parliament approved the free trade pact in May, and the European Parliament ratified the deal in February,
"I would like to underline that this deal is a landmark for South Korea and the EU, and it is the most ambitious trade agreement ever negotiated by the EU and Korea," EU ambassador to Korea Tomasz Kozlowski told reporters.
"I am absolutely convinced that this is an economic partnership and economic alliance, and it will also multiply flows of goods and services," he said.
The EU envoy said the deal is the first of its kind with an Asian country that the EU has ever signed. "This agreement is a win-win deal to both sides and is beneficial for the EU and South Korea," he said.
The EU is the second-largest trade partner for South Korea and absorbs around 20 percent of Korean exports, Kozlowski said, adding that the free trade deal will further boost bilateral trade.
Overall, the South Korea-EU deal is expected to boost bilateral trade by as much as 20 percent in the long term, according to earlier estimates by 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.
Under the deal, Seoul and Brussels would 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.
Kozlowski said the deal also allows consumers to have a wide range of product choices, benefiting them with more competitive pricing and better quality of goods and services.
"We will be able to enjoy much choice of products and to buy them at cheaper prices," he said.
The EU envoy said that the free trade deal is expected to help attract more investment into Korea from the EU and third countries, as they seek to capitalize on this agreement.
Kozlowski also said efforts should be taken to help implement this accord down the road without major problems. "The important thing is that we have to work hard to implement this deal properly," he said. "Also, the private sectors in the both sides should work to utilize this deal as well."
