Brussels, 02/04/2007 (Agence Europe) - Trade Commissioner Peter Mandelson on Monday issued a press release in which he welcomes the bilateral free-trade agreement (FTA) concluded the same day in Seoul between the United States and South Korea. Negotiations for this FTA, which are set to stimulate already high levels of trade between the two countries (74 billion dollars last year), started in February 2006. “Such an agreement will give further momentum to global trade liberalisation”, said Mr Mandelson, concluding, “this success strengthens the prospects for the planned EU-Korea talks due to start next month”. The trade commissioner expects the Council's green light by the end of April to launch negotiations for an FTA between the Twenty-Seven and Seoul.
The agreement between Washington and Seoul is extremely welcome to the Commission, as it hopes to benefit from the concessions obtained by the American negotiators, particularly in the field of the reduction in regulatory barriers on the South Korean market, which are proving an obstacle to exports of goods and investments from third countries. Agriculturally, although the EU, unlike its American partner, is unaffected by the incredibly sensitive rice dossier, it will have to take a strong stance in its negotiations to obtain improved market access for its exports of pork and beef. Under the heading of manufacturing, automotives and textiles are likely to be major sources of friction between the Union and South Korea, as services are the field in which the Commission is looking for the greatest benefit, by dint of more transparent and less protectionist regulations to favour the access of European companies to the banking, financial services and public procurement sectors. (eh)