South Korea, EU see trade boost as way out of crisis

cn

EU leaders and South Korean President Park Geun-Hye agreed at summit talks on Friday to give fresh impetus to a ground-breaking trade agreement as a way out of the economic doldrums.

“Europe’s prosperity is linked to that of others such as Korea’s,” European Union president Herman Van Rompuy said at the close of an EU-Korea summit marking 50 years of diplomatic ties. “The answer is not protectionism but an increased opening of markets.”

The two sides anchored their relationship in 2011 with a ground-breaking free trade deal, the first of its kind between the 28-nation bloc of 500 million people and an Asian partner.

The deal has given European Union exports a 24 per cent boost and two years on, the EU is now the largest foreign investor in South Korea, said European Commission president Jose Manuel Barroso.

But Park admitted there was “still room for improvement”, and asked to comment on complaints from EU carmakers of continued barriers, said: “We should try to eradicate discrimination at home or abroad.”

Also during the summit the two signed a research deal and agreed that South Korea, as the first Asian partner, participate in EU crisis management operations.

A series of territorial disputes which pit China, Japan and South Korea against each other were also on the agenda as the bloc prepares for two other key Asian summits with Beijing and Tokyo later this month.

Park arrived in Brussels after stops in Paris and London this week.

Trade also featured high in Park’s talks with British Prime Minister David Cameron.

Britain is the top destination for Korean investment in Europe while South Korea is the 16th largest market for British exports worldwide, officials said.

 

 

Source : Channel News Asia | November 8, 2013

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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