- Negotiations
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
6-Dec-2011
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.
14-Nov-2011
Arirang
The rate of imports has overwhelmed that of exports for the past three months from July when the Korea-EU FTA kicked into effect.
26-Aug-2011
Yonhap
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.
13-Aug-2011
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.
1-Aug-2011
Yonhap
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.
8-Jul-2011
Pharmaceuticals might not have been the most discussed sector before the Korea-European Union Free Trade Agreement came into effect from July 1.
5-Jul-2011
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.
5-Jul-2011
New Polish Ambassador to Korea Krzysztof Ignacy Majka had been a renowned scientist in his home country and didn’t know much about Asia until he went to India in 1979 as a research student.
30-Jun-2011
South Korea’s leading business organizations on Thursday welcomed the scheduled implementation of the free trade pact with the European Union (EU), vowing full support for the deal that promises to promote trade and economic growth.
30-Jun-2011
A sweeping free trade agreement between South Korea and the European Union will have a worldwide impact, the EU’s ambassador in Seoul said Thursday, on the eve of its implementation.