On Trade: While the U.S. Waits for ‘Soon,’ the EU Acts on Korea

By September 17, 2010Trade

Looking for news on the European Union free trade agreement with South Korea, online readers in India would have encountered these two headlines, one after another.

Sort of tells the story, doesn’t it?

The European Union’s news release has details, “Council approves agreement with South Korea on free trade.” And there’s news coverage …

Euronews, “EU agrees free trade deal with South Korea”

The European Union’s Foreign Ministers have reached agreement on a free trade deal with South Korea. It’s one of the most ambitious trade pacts the EU has yet signed with a third party, and it will be formally signed at a summit with South Korea in Brussels in October, coming into force the following July.

Steven Vanackere, Acting Belgian Foreign Minister:

“It is I think a very big step in opening markets in Asia for our companies and this will create prosperity and jobs of course in Korea but also in Europe.”

Italy withdrew its objections at the last minute after Foreign Minister Franco Frattini obtained a delay in the deal’s application until July. Officials say the deal will create about 19 billion euros of new European exports.

Our emphasis. That’s almost $25 billion in U.S. dollars.

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