Korea-EU Free Trade Agreement

Korea-EU Free Trade Agreement is a comprehensive free trade agreement between the European Union and South Korea, aiming to promote trade and investment between the two parties. The agreement was signed on October 6, 2010, in Brussels, Belgium, by Barroso, President of the European Commission, and Lee Myung-bak, President of South Korea, in the presence of Catherine Ashton, High Representative of the Union for Foreign Affairs and Security Policy. The agreement is considered one of the most ambitious free trade agreements in the world, covering a wide range of areas, including trade in goods, trade in services, and investment. The European Parliament and the National Assembly of South Korea ratified the agreement in 2011, with the support of European People's Party, Party of European Socialists, and Grand National Party (South Korea).

Introduction

The Korea-EU Free Trade Agreement is a significant milestone in the trade relations between the European Union and South Korea, building on the existing partnership between the two parties, including the Asia-Europe Meeting and the EU-Korea Framework Agreement. The agreement aims to promote economic cooperation and trade liberalization between the two parties, with the support of World Trade Organization, International Chamber of Commerce, and European Chamber of Commerce in Korea. The agreement also reflects the commitment of the European Union and South Korea to free trade and open markets, as embodied in the General Agreement on Tariffs and Trade and the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights. The European Commission and the Ministry of Trade, Industry and Energy (South Korea) have worked closely together to implement the agreement, with the support of European External Action Service and Korea Trade-Investment Promotion Agency.

Background and Negotiations

The negotiations for the Korea-EU Free Trade Agreement began in 2007, with the aim of concluding an agreement that would promote trade and investment between the European Union and South Korea. The negotiations were led by Peter Mandelson, European Commissioner for Trade, and Kim Hyun-chong, Minister for Trade of South Korea, with the support of European Trade Union Confederation and Federation of Korean Industries. The negotiations covered a wide range of areas, including tariffs, non-tariff barriers, services, and investment, with the participation of BusinessEurope, European Services Forum, and Korea International Trade Association. The agreement was signed on October 6, 2010, after three years of negotiations, with the presence of Herman Van Rompuy, President of the European Council, and Jose Manuel Barroso, President of the European Commission.

Provisions and Terms

The Korea-EU Free Trade Agreement includes a wide range of provisions and terms, covering areas such as trade in goods, trade in services, and investment. The agreement eliminates tariffs on most goods, including automobiles, electronics, and textiles, with the support of European Automobile Manufacturers Association and Korea Automobile Manufacturers Association. The agreement also includes provisions on non-tariff barriers, such as technical barriers to trade and sanitary and phytosanitary measures, with the participation of European Standardization Organizations and Korea Standards Association. The agreement also covers areas such as intellectual property rights, competition policy, and dispute settlement, with the support of European Patent Office and Korea Intellectual Property Office.

Economic Impact

The Korea-EU Free Trade Agreement is expected to have a significant economic impact on both the European Union and South Korea. The agreement is expected to increase trade between the two parties, with the support of European Investment Bank and Korea Development Bank. The agreement is also expected to promote investment between the two parties, with the participation of European Venture Capital Association and Korea Venture Capital Association. The agreement is also expected to have a positive impact on economic growth and job creation in both the European Union and South Korea, with the support of Organisation for Economic Co-operation and Development and Asian Development Bank.

Implementation and Amendments

The Korea-EU Free Trade Agreement entered into force on July 1, 2011, with the support of European Commission and Ministry of Trade, Industry and Energy (South Korea). The agreement has been implemented in several stages, with the participation of European External Action Service and Korea Trade-Investment Promotion Agency. The agreement has also been subject to several amendments, including the Protocol to the Korea-EU Free Trade Agreement, which was signed in 2014, with the presence of Jean-Claude Juncker, President of the European Commission, and Park Geun-hye, President of South Korea. The European Parliament and the National Assembly of South Korea have also played an important role in the implementation and amendment of the agreement, with the support of European People's Party and Saenuri Party. Category:Free trade agreements