The EU-South Korea Free Trade Agreement: Implications in the First Year of Implementation

Abstract

This chapter provides an introduction to the concept of Free Trade Agreement (FTA) and Article XXIV of the General Agreement on Tariffs and Trade (GATT) and then examines the perceived aims and expected effects of the EU-South Korea FTA. It elaborates on market access issues in relation to the FTA. The chapter points out the advantages of the FTA for EU businesses and examines the necessary procedural requirements to comply with, in order to benefit from preferential treatment. It examines the proposed EU-Japan FTA and the Transatlantic Trade and Investment Partnership between EU and US which are expected to be following examples in line with the Global Europe trade strategy. EU-South Korea FTA is introduced as the most ambitious and wide-ranging on sectoral basis FTA ever negotiated by the EU. Subsequently, the European Commission recommended that the European Council open negotiations for an FTA between the EU and Japan. Keywords: EU-South Korea Free Trade Agreement (FTA); General Agreement on Tariffs and Trade (GATT); Global Europe trade strategy; market access issues; procedural requirements; transatlantic trade and investment partnership