Brussels, 08/11/2013 (Agence Europe) - During the 7th bilateral summit on 8 November, European and South Korean leaders hailed the positive results of the free-trade agreement which took effect in 2011.
The free-trade agreement provides considerable benefit for companies and consumers in Europe and South Korea alike, said the presidents Herman Van Rompuy (European Council) and José Manuel Barroso (Commission) and their Asian host, President Geun-Hye Park, after the summit. Since the free-trade agreement took effect, bilateral trade in goods has increased, mainly to the benefit of the EU with exports climbing by 24% and imports falling by 6%. After a neutral trade balance end 2012, the EU notched up a surplus during the first half of 2013 of nearly €1 billion.
The EU and South Korea have also decided to give fresh impetus to their bilateral relations by signing, on Friday, an agreement to make it easier for Korean researchers to come to the EU, as well as a statement on consolidating cooperation in higher education. (EH/transl.jl)