In May 2007, the European Union and South Korea started negotiating a bilateral free trade agreement. It took effect on 1 July 2011.
This deal is part of the EU’s post-2006 "Global Europe" strategy to boost the competitiveness of EU corporations in the world by securing deeper commitments to neoliberal policies from trading partners, including expanded rights for European transnationals. In Korea, the European Union is trying to win equal, if not better, footing against US firms after the conclusion of the US-Korea FTA. (The EU makes stronger demands than the US on Korea in the areas of intellectual property, services, competition policy and environmental standards.)
Social movements from both sides mobilised against the deal’s potential impacts. One flashpoint of concern is for Korea’s agricultural sector, where pig farmers in particular are expected to suffer from an influx of subsidised EU pork as a result of this deal.
last update: May 2012
photo: European External Action Service - EEAS/CC BY-NC-ND 2.0
The Korea Trade Investment Promotion Agency said Monday that it will hold a business fair for European retail companies next month on the first anniversary of the Korea-EU free trade pact.
The European boss of Ford Motor, the continent’s fourth-ranked carmaker by sales, has complained about “significant imbalance” in trade in cars under a free trade agreement with South Korea that took effect last year.
The Korea-EU Free Trade Agreement (FTA) came into effect on July 1 2011. As a result, a number of acts that directly relate to intellectual property have been amended.
South Korea’s car exports to the European Union (EU) surged 40.1 percent on-year in the first 10 months of 2011, fueled by the bilateral free trade pact, a local industry association said Tuesday.
The rate of imports has overwhelmed that of exports for the past three months from July when the Korea-EU FTA kicked into effect.
Years before the FTA, in Europe, wine grower associations and media emphasized the importance of the FTA and focused on how the new deal would increase sales. But nearly two months later, confusion still reigns.
Major South Korean law firms are actively pursuing expansion overseas as counterparts from the European Union seek to set up practices in Korea, legal sources told mergermarket.
South Korea logged a trade deficit with the European Union last month as imports spiked from the region after both implemented a free trade deal, customs data showed Monday.
Pharmaceuticals might not have been the most discussed sector before the Korea-European Union Free Trade Agreement came into effect from July 1.
Japanese carmakers such as Toyota and Honda struggled to secure a firm market share here in the first half of 2011 while other imported auto brands boasted record sales.