EU-Korea FTA

EU-Korea FTA
Name	EU-Korea FTA
Type	Free trade agreement
Signatories	European Union, South Korea
Depositary	European Commission, Ministry of Trade, Industry and Energy (South Korea)

EU-Korea FTA is a free trade agreement between the European Union and South Korea, aiming to reduce trade barriers and increase economic cooperation between the two parties, involving European Commission and Ministry of Trade, Industry and Energy (South Korea). The agreement was signed on October 6, 2010, in Brussels, and entered into force on July 1, 2011, with the participation of Catherine Ashton, Karel De Gucht, and Kim Sung-hwan. The EU-Korea FTA is considered one of the most comprehensive and ambitious trade agreements in the world, covering a wide range of areas, including trade in goods, trade in services, and investment, as discussed by WTO, OECD, and ASEM.

Introduction

The EU-Korea FTA is a significant trade agreement that aims to promote economic cooperation and reduce trade barriers between the European Union and South Korea, with the support of European Parliament, National Assembly (South Korea), and BusinessEurope. The agreement is designed to increase trade in goods and services, promote investment, and enhance economic cooperation between the two parties, as outlined by European Investment Bank, Korea Development Bank, and Asian Development Bank. The EU-Korea FTA is also expected to have a positive impact on the global economy, as it will increase trade and investment between two of the world's largest economies, involving G20, G7, and APEC. The agreement has been welcomed by Barroso, Van Rompuy, and Lee Myung-bak, who see it as an important step towards increasing economic cooperation between the European Union and South Korea, and enhancing their relationships with China, Japan, and United States.

Background

The EU-Korea FTA was negotiated over several years, with the first round of negotiations taking place in May 2007, led by Karel De Gucht, Kim Sung-hwan, and Mauro Petriccione. The negotiations involved a wide range of areas, including trade in goods, trade in services, and investment, as discussed by WTO, OECD, and UNCTAD. The agreement was signed on October 6, 2010, in Brussels, and was approved by the European Parliament on February 17, 2011, with the support of European People's Party, Party of European Socialists, and Alliance of Liberals and Democrats for Europe. The agreement entered into force on July 1, 2011, and has been implemented in phases, with the participation of European Commission, Ministry of Trade, Industry and Energy (South Korea), and Korea Customs Service.

Provisions

The EU-Korea FTA includes a wide range of provisions, including the reduction of tariffs and other trade barriers, the promotion of trade in services, and the enhancement of investment opportunities, as outlined by European Investment Bank, Korea Development Bank, and Asian Development Bank. The agreement also includes provisions on intellectual property rights, competition policy, and dispute settlement, as discussed by WTO, OECD, and WIPO. The agreement is designed to promote economic cooperation and increase trade and investment between the European Union and South Korea, with the support of BusinessEurope, Korea Chamber of Commerce and Industry, and European Chamber of Commerce in Korea. The EU-Korea FTA is considered one of the most comprehensive and ambitious trade agreements in the world, covering a wide range of areas, including trade in goods, trade in services, and investment, as recognized by G20, G7, and APEC.

Implementation

The implementation of the EU-Korea FTA has been phased, with the agreement entering into force on July 1, 2011, and the majority of provisions being implemented over a period of several years, with the participation of European Commission, Ministry of Trade, Industry and Energy (South Korea), and Korea Customs Service. The agreement has been implemented in a way that minimizes disruption to trade and investment, and maximizes the benefits of the agreement, as outlined by European Investment Bank, Korea Development Bank, and Asian Development Bank. The EU-Korea FTA has been monitored and reviewed regularly, with the participation of European Parliament, National Assembly (South Korea), and BusinessEurope, to ensure that it is meeting its objectives and to identify areas for improvement, as discussed by WTO, OECD, and UNCTAD.

Impact

The EU-Korea FTA has had a significant impact on trade and investment between the European Union and South Korea, with the agreement leading to an increase in trade in goods and services, and an increase in investment, as recognized by G20, G7, and APEC. The agreement has also had a positive impact on the global economy, as it has increased trade and investment between two of the world's largest economies, involving China, Japan, and United States. The EU-Korea FTA has been welcomed by Barroso, Van Rompuy, and Lee Myung-bak, who see it as an important step towards increasing economic cooperation between the European Union and South Korea, and enhancing their relationships with other major economies, such as India, Brazil, and Russia. The agreement has also been recognized by Nobel Prize winners, such as Joseph Stiglitz and Amartya Sen, who see it as an important step towards promoting economic cooperation and reducing poverty, as discussed by World Bank, IMF, and UNDP.

Negotiations

The negotiations for the EU-Korea FTA were led by Karel De Gucht, Kim Sung-hwan, and Mauro Petriccione, and involved a wide range of areas, including trade in goods, trade in services, and investment, as discussed by WTO, OECD, and UNCTAD. The negotiations were complex and involved a number of challenging issues, including the reduction of tariffs and other trade barriers, and the promotion of trade in services, as outlined by European Investment Bank, Korea Development Bank, and Asian Development Bank. The negotiations were successful, and the agreement was signed on October 6, 2010, in Brussels, with the participation of European Commission, Ministry of Trade, Industry and Energy (South Korea), and Korea Customs Service. The EU-Korea FTA has been recognized as a model for future trade agreements, and has been studied by Harvard University, University of Oxford, and University of Cambridge, as well as other leading universities and research institutions, such as MIT, Stanford University, and University of California, Berkeley.

Category:Free trade agreements