Brussels, 15/10/2013 (Agence Europe) - On 14-15 October, European Commissioner for Trade Karel De Gucht was on a lightning visit to Seoul to take stock of progress - alongside his new South Korean counterpart, Yoon Sang-jick, in a joint committee - on the free trade agreement which entered into force on 1 July 2011. This is De Gucht's first trip to South Korea since the establishment of Prime Minister Chung Hong-won's government, following the election of President Geun-hye in February.
In 2012, he EU recorded it first trade surplus with South Korea in 15 years - the deficit being particularly reduced in the automobile sector. Its exports grew by 16.2%, from €32.5 billion to €37.8 billion, whilst its imports grew less, from €36.2 billion to €37.9 billion - in other words, an increase of 4.7%. In a review undertaken at the beginning of July after two years of the free trade agreement being in implementation, the European Commission also said it was expecting progress with regard to non tariff barriers and in the area of services (see EUROPE 10878 and 10879). (EH/transl.fl)