06 October 2010 12:55 [Source: ICIS news]
LONDON (ICIS)--EU and ?xml:namespace>
EU Trade Commissioner Karel De Gucht, the Belgian Minister of Foreign Affairs Steven Vanackere, representing the Presidency of the Council of the European Union (EU), and South Korean Minister for Trade Kim Jong-hoon signed the agreement on Wednesday at the EU-Korea Summit in
“The agreement between the EU and
“It will provide a real boost to jobs and growth in
The date of provisional application would be 1 July 2011, provided that the European Parliament gives its consent and that the Regulation of the European Parliament and of the Council implementing the bilateral safeguard clause of the FTA is in place.
EU member states would also have to ratify the agreement according to their own laws and procedures.
Last month, Rene van Sloten, executive director for industrial policy at industry association Cefic, said the European chemicals industry welcomed the EU’s free trade agreement with
The trade in EU-South Korea goods was worth around €54bn ($75bn) in 2009, the Commission said.
In terms of tariffs,
According to the EU, exporters of chemicals would be relieved from over €150m in duties each year through the trade deal.
($1 = €0.72)
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