The FINANCIAL -- Seoul/ South Korea, 12 October 2011 - EU Trade Commissioner Karel De
Gucht today welcomed the positive steps agreed between the European
Union and South Korea to tackle outstanding issues after the recent
implementation of their groundbreaking free trade deal.
In the first meeting of the EU-South Korea Trade Committee, co-chaired between South Korea’s Trade Minister Kim Jong-hoon and the EU Trade Commissioner Karel De Gucht, both sides took stock of the success of the deal for business after the first one hundred days. Furthermore, the co-chairs agreed to intensify efforts to do away with any remaining obstacles and to prevent future obstacles from emerging.
“I’m delighted that the first meeting of the EU-South Korea Trade Committee has proven so valuable at clearing up a number of outstanding issues thanks to the commitment and pragmatism of both sides. The first few months were always expected to be a test for such an innovative and far reaching trade agreement which is why I’m so pleased to see that it has passed with flying colours.”, stated EU Trade Commissioner Karel De Gucht.
For example, both parties agreed on ways forward to bridge outstanding implementation issues in the areas of motor vehicles and electronics. On motor vehicles, both sides tackled market access issues on tyres and after-sale verification rules for diesel emissions and safety standards of cars. On electronic goods, the meeting addressed the need to recognise agreed ways of testing electronic products.
Commissioner De Gucht also underlined the need to use the free trade agreement and the deepened partnership to help forge common standards in the future on products such as electric vehicles (e-cars). Such a move is key to ensure that Europe, South Korea and their main trading partners remain leaders on standards for the world market, that their companies remain competitive and that their consumers get the best choice.
The meeting also identified a number of areas where further work by officials on both sides is needed to cut through red-tape hindering trade such as overly complex procedures to allow certain EU food and agricultural imports into South Korea.
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