- Negotiations
In May 2007, the European Union and South Korea started negotiating a bilateral free trade agreement. It took effect on 1 July 2011.
This deal is part of the EU’s post-2006 "Global Europe" strategy to boost the competitiveness of EU corporations in the world by securing deeper commitments to neoliberal policies from trading partners, including expanded rights for European transnationals. In Korea, the European Union is trying to win equal, if not better, footing against US firms after the conclusion of the US-Korea FTA. (The EU makes stronger demands than the US on Korea in the areas of intellectual property, services, competition policy and environmental standards.)
Social movements from both sides mobilised against the deal’s potential impacts. One flashpoint of concern is for Korea’s agricultural sector, where pig farmers in particular are expected to suffer from an influx of subsidised EU pork as a result of this deal.
last update: May 2012
photo: European External Action Service - EEAS/CC BY-NC-ND 2.0
18-Feb-2011
Bloomberg
EU companies that may benefit include pharmaceutical producers GlaxoSmithKline Plc, chemical makers BASF SE, and consumer electronics manufacturers Royal Philips Electronics NV. Farm exporters, shipping businesses and the financial- and legal-services industries also stand to gain.
13-Feb-2011
EP
MEPs are expected to give green light for ratification on Thursday (17 February) of the most ambitious free trade accord the EU so far negotiated.
11-Jan-2011
FAS
Some US business representatives argue that enactment of the KOREU FTA before enactment of the KORUS FTA would give European competitors first mover advantages, but US multinational firms operating in the EU could benefit from the KOREU FTA.
18-Dec-2010
EurQctive
The European Union is set to clear the final legal hurdles to a free trade agreement with South Korea, putting pressure on Taiwan and Japan to strike similar deals with Brussels.
10-Dec-2010
Dong-A
The chargé d’affaires of the European Union delegation to Korea said Thursday that the EU will not demand renegotiation of its free trade deal with Seoul in the wake of Korea’s additional free trade negotiations with the US.
9-Dec-2010
Chosun Ilbo
Korea will hold talks with the EU over vehicle gas mileage and greenhouse gas emission standards in the free trade agreement after renegotiations of the FTA with the US opened the door for adjustments.
7-Dec-2010
Chosun Ilbo
In early signs that the renegotiation of Korea’s free trade agreement with the U.S. was the thin end of the wedge, the European Union Chamber of Commerce in Korea said Monday it is reexamining environmental and safety clauses in the automotive segment of the Korea-EU FTA.
27-Oct-2010
Korea Times
The Korean government is urging European businessmen to lobby lawmakers in their home countries to ratify the Korea-EU free trade agreement.
22-Oct-2010
EV
The European Parliament has postponed a vote on attaching safeguards to a free-trade deal between the EU and South Korea because of disagreements with the European Commission and member states.
17-Oct-2010
WPR
Wisconsin cheese makers are reacting to a free trade agreement between the European Union and South Korea which may require them to re-name their cheeses.