Press Release for the EU-KOREA Business Forum
Mr. Jyrki Katainen, Vice President of the European Commission for Jobs, Growth, Investment and Competitiveness and Professor Bark Taeho of Seoul National University and former Minister for Trade of Korea jointly inaugurated the Forum that aimed to assess the results of the trade deal and to identify potential improvements that could generate even more benefits for both sides in the future.
The EU-Korea FTA had helped Korean exporters to expand their presence in the EU market for products for which customs duties have been fully or at least partially removed. The growth of Korean exports to the EU for these products has increased by almost one third. At the same time, European exports to Korea have also expanded rapidly, amounting now to 13% of all Korean imports, against 9% before the agreement.
The discussions in the Forum also confirmed that the implementation of the FTA provisions has by and large been completed. The effort that required the amendment of certain Korean laws and regulations has contributed to reducing or fully eliminating a number of regulatory obstacles to trade in many areas, ranging from automobiles, electronics, to pharmaceuticals, medical devices and chemicals.
From the business perspective, the FTA has played a pivotal role in expanding trade, increasing investment, facilitating innovation, expanding choice of products, increasing specialisation and fostering the integration of supply chains in key industries, which counts among the main factors of success.
Beyond these more direct consequences, the Forum also discussed questions pertaining to the potential achievements in enhancing consumer welfare. The reflection placed much focus on whether and to what extent the FTA had actually provided consumers on both sides with a greater variety of better priced goods and services.
The reflection initiated in the Forum will be pursued in the framework of an in-depth study expected to provide a qualitative assessment of the EU-Korea FTA. The project will be run in close consultation with EU and Korean enterprises and business associations, consumer groups and other relevant stakeholders. The results of the study – including the impact that the agreement has had so far, as well as challenges and opportunities for the next five-year period - will be presented at a follow-up conference next year.
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Contact Name: Ms Jungyoon KIM
Organization: European Union Delegation to Korea
Phone Number: 010 8082 7954
EmaiI: jungyoon.kim@eeas.europa.eu