South Korea: A cherished partner for the EU

Bark Taeho, South Korean Minister for Trade, in the centre, and Karel De Gucht, Member of the EC in charge of Trade, on the left, heading for the first meeting of the EU-South Korea Trade Committee.

Bark Taeho, South Korean Minister for Trade, in the centre, and Karel De Gucht, Member of the EC in charge of Trade, on the left, heading for the first meeting of the EU-South Korea Trade Committee.

South Korea or the Republic of Korea (RoK) is a privileged trading partner of the European Union. The Free Trade Agreement the two sides have concluded was signed on 6 October 2010 and entered into force in July 2011.

This FTA was the first one the European Union penned down with an Asian nation and the first of its kind the EU signed, after the collapse of talks in the World Trade Organisation, a development that left unfinished, for the foreseeable future, the Doha Round negotiations. The EU choose RoK to negotiate and conclude an FTA for very good reasons. But let’s follow the facts.

As it is well know the Doha Round collapse left unfinished the last cycle of WTO negotiations, aiming at generously liberalising world trade. Incidentally the Doha Round was planned to cover a lot more chapters than trade. It included negotiations on services and investments, competition rules, government procurement, intellectual property rights, transparency in regulation to sustainable development and more. It was a memorable effort by the 157 country members of WTO to give to globalisation a much wider context than trade, by establishing a relatively standardised business environment all over the globe.

Alas it failed. It was the US that “bombed” the Doha round negotiations at a critical point, where two dossiers, trade in agricultural products and investments, were on the table. From that moment onwards, the major trading partners of the world changed course, and started thinking about bilateral Free Trade Agreements. This was the tombstone of the Doha Round. Again, it was the Americans who first started negotiating FTAs with their political friends all over the world.In view of this the EU could not stand idle. If the Europeans wanted to continue being world leaders in international trade, there had to do something.

The FTAs was the obvious way to take, but where from to start? At that point the choice of Rok came forward. Korea was a peaceful trader and an excellent producer. Its relations with the EU were impeccable and the two sides had a lot in common. As the Commission notes “South Korea is a key, like-minded partner for the EU in an increasingly important part of the world. The EU-Korea relationship has evolved over the past few years, based on shared values, common issues of global concern and the increasing role of both partners at world stage”.

The conclusion of an FTA between the EU and RoK was quite a success story, and bilateral trade prospers. According to an EU note, “since the entry into force of the FTA in July 2011, the European Commission is monitoring closely the imports to and from South Korea in sensitive sectors. Every two months the Commission presents a monitoring report to the EU Member States, the European Parliament and the relevant industry associations on the evolution of imports of textiles, consumer electronics and cars.

In addition, the Commission presents an annual monitoring report to the European Parliament and the Council. A Framework Agreement between the EU and South Korea was signed on 10 May 2010. It provides a basis for strengthened cooperation, including on major political and global issues such as human rights, non-proliferation of weapons of mass destruction, counter-terrorism, as well as climate change and energy security. This is an overarching political cooperation agreement with a legal link to the EU-South Korea Free Trade Agreement.

For the EU-RoK, Free Trade Agreement see: http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2011:127:SOM:EN:HTML.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

Matthias in Canada

Worldwide consumer confidence has shot up to its highest level for four years according to a survey of 130 Global Retail leaders

What can stop the ‘too big to fail’ bankers from terrorising the world?

Intergenerational, intercultural, interactive – The 2015 edition of JADE’s Generations Club: Transforming Europe into an entrepreneurial society

EU Commission expects consumer spending to unlock growth

MWC 2016 LIVE: Industry looks to reduce mobile gender gap

The EU risks trade relations with China over the Tata hype about steel

EU Parliament shows its teeth in view of 2014 elections

Investing in working conditions and quality jobs

EU Parliament and Council: Close to agreement on the bank resolution mechanism

Currency Union might not let an independent Scotland join the EU as the “Yes” front now leads

Eurozone: Black economy loves the South

Digital business is Europe’s best hope to get back to growth

Ukraine: turning challenges into opportunities


Berlin wants to break South’s politico-economic standing

After swallowing effortlessly the right to be forgotten time for Google Ads now to behave

A new way to teach active citizenship to students?

Sponsored content: when QUALITY meets OPEX in manufacturing

The US and EU decisively oppose Erdogan’s plans for Turkey and beyond

Brexit uncertainty keeps shaking the world’s financial markets

New skills needed for medical students in Industry 4.0

Commission: New proposal for centrally managed bank resolution

An American duel in Brussels: Salesforce against Microsoft over Linkedin deal

Is there a cure for corruption in Greece?

“Airbnb and YouTube are two great examples of a crowd based capitalism”, key stakeholders outline the boundaries of the 4th Industrial Revolution in Davos

TTIP fight round 6: last chance for the negotiators to finally open up as they touch the Brussels ring

Is Eurozone heading towards a long stagnation?

German opposition win in Lower Saxony felt all over Europe

Cyprus tragedy reveals Eurozone’s arbitrary functioning

The European Sting at the Retail Forum for Sustainability live from Barcelona

A new world that demands new doctors in the fourth industrial revolution

The consequences of Brexit seen by a European young entrepreneur

World Retail Congress Dubai 2016: Retail’s night of nights

Why Obama asks approval from Congress to bomb Syria?

Merkel had it her way with the refugees & immigrants but can Greece and Turkey deliver?

It’s not summer holidays what lead to the bad August of the German economy

The EU Commission is lying to the “Right2Water” campaign

The ECB accuses the politicians of inaction, continues injecting billions to banks

China, forever new adventures

Everybody against Germany over the expensive euro

For the future of Europe youth remains a priority

The US bugged Europe: Is this news?

The Commission accused of tolerating corruption and fraud in taxation

Turkey caught in a vicious Syrian circle bringing terror and war at home

ECB asks for more subsidies to banks

Can the EU last long if it cuts Cyprus out?

EU tourism industry expects a new record year in 2014

Could entrepreneurship be the real cure against the side effects of Brexit?

The EU Parliament blasts the Council about the tax dealings of the wealthy

EU plans to exploit the Mediterranean Sea and the wealth beneath it

Ukraine turns again to the EU for more money

European Youth Forum welcomes adoption of Sustainable Development Goals and calls on European countries to not ignore them!

EU officially launches its first naval mission against migrant smugglers

The EU slowly exits from “Excessive Deficit Procedure” and hopefully from ‘Excessive Austerity Procedure’ too

Eurozone: Inflation plunge to 0.4% in July may trigger cataclysmic developments

EU prepares a banking union amidst financial ruins

EU-US resume trade negotiations under the spell of NSA surveillance

Where is heading Putin’s Russia?

Benjamin Franklin was wrong: Amazon can tax evade

Eurozone recession subsides

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s