Implementation of the EU-Korea Free Trade Agreement
MEPs voted today (18 May 2017) to support a motion for a resolution on the outcomes of a five-year-old free trade agreement with South Korea, which praises the agreement for its positive effect on trade and integration between the two countries. Since its entry into force five years ago the free trade deal with the South Korea generated a 47% increase in EU exports to Korea, a performance said to have exceeded expectations. South Korea is now one of the EU’s top ten export markets. The agreement in place since July 2011 is the first comprehensive agreement concluded by the EU with an Asian partner, and the most ambitious trade deal implemented by the EU so far. It has brought about important changes, such as the elimination by both sides of import duties on the large majority of products traded between the two partners, as well as a reduction of administrative barriers to trade, and mutual openness as regards provision of services, public contracts and investment
Please find below the text adopted by the European Parliament on:
Implementation of the EU-Korea Free Trade Agreement