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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Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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