The EU-Korea FTA has increased EU exports by 76%
On 6th March this year, the European Commission has published its new evaluation report regarding the implementation of the EU-Korea FTA. The report covers all areas of the agreement and based on the analysis, the Commission concluded that the EU-Korea trade agreement has been effective in achieving its objectives, such as:
- Removing tariffs and other limitations on trade in goods and services and investment between the EU and Korea, resulting in
a significant increase in trade on both sides.
- The protection and enforcement of intellectual property rights (in particular geographical indications).
- Reducing non-tariff trade costs.
In numbers:
- EU exports of goods to Korea increased by 76% to €49.2 billion between 2010 and 2018.
- Korean exports also increased during this period, from €39.5 billion in 2010 to €51 billion in 2018.
- With a faster growth on the EU side, the EU's trade in goods deficit of €11.6 billion in 2010 has turned into broadly balanced trade in 2018.
- EU exports of services to Korea increased by 79%, compared to 38% for EU imports from Korea from 2010 to 2016. The EU had a €6 billion trade surplus in 2016.
Source: European Commission, DG Trade, Press release of 6th March 2019