The EU And South Korea FTA Has Pushed The EU'S Export Growth By 35% In The Past 9 Months.

The Trade Commission of the European Commission recently said that since the entry into force of the FTA, the two sides have begun to implement the agreement.

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By July 2016, the two sides will abolish import tariffs on 98.7% industrial and agricultural products.

By July 2031, 99.9% (except for individual agricultural products) will enjoy duty-free trade in goods trade between Europe and Korea.

On the occasion of the 1st Anniversary coming into effect of the FTA, the European Union compared the existing Statistics (the past 9 months) with the same level in the past 4 years, and found that the FTA played a very significant role in stimulating the export of the EU.

The study found that compared with the same period in 2007, EU exports to Korea increased by 35% over the past 9 months, higher than the 25% growth rate of European total exports under the same time conditions, indicating that the overall effect of tariff reductions was obvious.

European products, such as wine and some chemical products, are completely abolished.

Steel products, machinery and equipment (accounted for 34% of EU's exports to Korea), and exports to Korea increased by 46% in the past 9 months.

In some liberalized European products, such as automobiles, agricultural products (44% of EU's exports to Korea), exports increased by 36%.

Among the European products that did not cut tariffs, such as some agricultural products (18% of exports from Europe to Korea), exports also increased by 23%.

This group of data shows that the export of liberalized products is obviously better than that of the products that have not been liberalized.

In addition, the export of individual products has increased considerably.

For example, pork exports increased by 120% (equivalent to 200 million euros), and the exports of leather bags and travel bags increased by 90% (150 million euros), and the export of machinery and equipment for semiconductor production increased by 75% (650 million euros), and automobile exports increased by 70% (670 million euros).

Teguh Hurt, a trade commissioner of the European Commission, is highly sure about this.

He pointed out that the implementation of the FTA in EU and ROK shows that the path of EU trade policy is correct.

In the process, the EU and South Korea FTA has played an important role. The EU will take this as a template and sign a number of bilateral FTA with the relevant countries, which will play a key role in the implementation of the EU growth compact.