Arab Today, arab today s koreaeu trade deal will impact globally
Last Updated : GMT 20:36:21
Arab Today, arab today
Arab Today, arab today

S. Korea-EU trade deal will impact globally

Arab Today, arab today

Arab Today, arab today S. Korea-EU trade deal will impact globally

Seoul - AFP

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. Tomasz Kozlowski said the FTA the first in Asia for the world\'s largest economic bloc was a \"win-win\" agreement and would be a model for others that the EU is negotiating in the continent. The deal will \"have a wide impact in Asia and in the world\", Kozlowski told a news conference. \"It shows the potential for increasing growth and jobs through greater trade between Europe and Asia.\" Apart from multiplying the flow of goods and services, the agreement would \"boost exchange of ideas, exchange of people and culture, and ultimately will bring Korea and the EU much closer\", he said. The EU is currently South Korea\'s second largest trading partner after China, taking almost 20 percent of its exports. EU exports to South Korea are worth 28 billion euros ($40.5 billion), while Korea\'s exports to Europe amount to 38.7 billion. From Friday the FTA will scrap 70 percent of customs duties, rising to 98.7 percent over the next five years. Within the next three years, tariffs on 96 percent of EU goods and 99 percent of South Korean goods will be eliminated. Kozlowski said some studies forecast the FTA will boost trade by 50 percent in the short term and more than double it over the next two decades. One study forecast more than 250,000 new jobs in Korea in the long term as a result of the pact. Shoppers would also enjoy a much broader -- and hopefully cheaper -- choice of product, and the FTA would make industry on both sides more competitive. South Korea discount stores announced plans to step up European imports and business groups also welcomed the pact. The Korea International Trade Association said the FTA could create unprecedented opportunities for all local companies. \"The EU has a $4 trillion import market that is much larger than other markets that have been opened by FTAs in the past,\" it said in a statement quoted by Yonhap news agency. The association said the market share of South Korean products in EU nations was just 1.0 percent in 2010 compared with 7.1 percent for China and 1.6 percent for Japan. \"The lowering or elimination of tariffs will help local companies sell more products in Europe that can contribute to pushing up the country\'s overall trade volume to over $1 trillion for the first time this year,\" it said. Korean auto parts firms are expected to raise their market share in the EU to more than 10 percent this year from 8.5 percent in 2010, the Korea Trade-Investment Promotion Agency said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today s koreaeu trade deal will impact globally Arab Today, arab today s koreaeu trade deal will impact globally

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday