Brussels, 26/03/2015 (Agence Europe) - The latest annual report on the implementation of the free trade agreement between the EU and South Korea reinforces the European Commission in its free trade focus. The report was unveiled by European Commissioner for Trade Cecilia Malmström on Thursday 26 March and shows that since this agreement entered into force in July 2011, EU exports of goods to South Korea have climbed by 35%, rising from €30.6 billion in 2010 to €41.5 billion in 2014.
For fully liberalised products (machines, electrical equipment, clothing and chemicals), EU exports rose by 46% (and those of South Korea by 21%). For partly liberalised products, European exports rose by 37%.
EU exports increased in all sectors - especially for automobiles (+90%, from €2 billion in 2010 to €3.8 billion in 2014) and transport equipment (+56%). With a 23% increase in its exports, the machines and apparatus sector (34% of the EU's total exports to South Korea) is the sector which at this stage has benefitted most from the agreement.
EU foreign direct investment (FDI) stocks in South Korea reached €32.6 billion in 2013, while South Korean FDI stocks in Europe reached €18.9 billion.
Imports of South Korean products remained stable over the three years overall, although they experienced a 6% increase in 2014 in comparison with 2013. (Emmanuel Hagry)