EU and South Korea have signed the trading agreementToday, on October, 15th, the European union and South Korea have signed the long-awaited trading agreement which can have brought to both parties 100 mlrd euro ($149 mlrd).
This transaction is the most important result of negotiations between 27 members of the European union and the third countries, is told in the Eurocommission official statement. For the European exporters it means a new commodity market approximately on 19 mlrd euro, and nearby 12 mlrd - for the South Korean companies. Besides, all tariffs for export, and also many not tariff barriers in trade between participants of the agreement will be removed.
ď it will create new market possibilities for the European companies in sphere of services, manufacturing industry and agriculture. This agreement is especially important in present economic conditions. It will help to struggle with economic recession and will allow to create new workplaces ď - has noted in the statement the commissioner of EU on trade Ketrin Eshton.
In 2008 the volume of bilateral trade in the goods between EU and South Korea has made nearby 65 mlrd euro, at obvious deficiency of trading balance from EU. However experts assert that the Korean market possesses considerable potential of growth for the European companies. Predictably, it the agreement will come into force in II half of 2010 after its approval by the European parliament.