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Stepping into Asia’s growth markets : Dispelling myths about the EU-Korea free trade agreement

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  • Stepping into Asia’s growth markets
  • Erixon, Fredrik; Lee-Makiyama, Hosuk
  • European Centre For Interantional Political Economy


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Title Stepping into Asia’s growth markets
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Sub Title

Dispelling myths about the EU-Korea free trade agreement

Material Type Articles
Author(English)

Erixon, Fredrik; Lee-Makiyama, Hosuk

Publisher

Brussels:European Centre For Interantional Political Economy

Date 2010
Pages 16
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Economy < Economic Administration
Holding ECIPE

Abstract

The EU-Korea Free Trade Agreement (EUKOR) is the most ambitious FTA negotiated by the European Union. It is clear that the EU has negotiated an agreement with emphasis on getting new market access rather than exposing domestic industries to greater competi¬tion. The EU receives market access in almost all its key sectors, including ag¬riculture, automotives, pharmaceuticals, electronics and services. Non-Tariff Bar¬riers (NTBs) in Korea will be cut in sec¬tors where the EU has export interests. Yet there is a fear that the deal may be rejected by the European Parliament, primarily because of EUKOR’s effect on the automotive sector. But the notion of a Korean car invasion is a myth. Critics have grossly misrepresented the agree¬ment and its results. Firstly, Korean auto¬mobile manufacturers only have a small share (12 percent) of imported cars to the EU. (The rest omitted)