Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Effect of Korea-EU FTA misses expectations
Korea Herald ^ | 06/30/2013 | Bae Hyun-jung

Posted on 06/30/2013 8:36:51 PM PDT by TexGrill

Korea’s Free Trade Agreement with the European Union, which is to celebrate its second anniversary on Monday, was the country’s seventh trade pact, and the one of largest scale.

Upon its effectuation in July 2011, the government assured that the pact would bring tangible benefits to the economy by lowering the tariffs on Korea’s key strategic export items, such as cars, electric devices and textile goods.

After two years of implementation, however, the economic leverage of the Korea-EU FTA still seems to be subject to disputes.

The European Union, the largest economic bloc in the world, is also Korea’s second-largest trading partner, ranked after China.

Back in 2010, the nation’s total trade volume and export volume with the EU were $92.2 billion and $53.5 billion, respectively. The trade balance surplus, too, was $14.8 billion, which was 1.6 times larger than that with the U.S., according to the Ministry of Trade, Industry and Energy.

The Korea-EU FTA reflects Europe’s appreciation of Korea’s geographic and economic significance as it is the EU’s first-ever trade pact to be signed in the Northeast Asian region.

(Excerpt) Read more at koreaherald.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: southkoreaeu
Global business tip
1 posted on 06/30/2013 8:36:51 PM PDT by TexGrill
[ Post Reply | Private Reply | View Replies]

To: TexGrill

Europeans are far less willing than Americans to buy imported Asian goods. So the elimination of trade barriers isn’t going to have much effect on market acceptance. And most Europeans I know (hard to think of a single one, as opposed to Taiwan or Mainland China, who’s every visited the place) think Koreans live in caves. The drive in from Incheon Airport past the endless high rises of Seoul would open their eyes.


2 posted on 06/30/2013 9:07:00 PM PDT by katana (Just my opinions)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TexGrill
Authors of this article had a dumb title. Free trade does not “miss expectations” unless idiots expect something unreal. Freedom is freedom. A lot people don't understand that. If I want to buy something from a person in China, I should be able to. If I want to move some of my production to X country, I should be able to do so. Too many (including many on this board) talk about “freedom” and then turn around and tout erecting barriers to trade in the name of “fairness” or some left wing drivel that I never quite understand.....
3 posted on 06/30/2013 9:09:09 PM PDT by There You Go Again
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson