[Ip-health] Official Launch of EU-Korea FTA

[heeseob nam]

YONHAP News 2007/05/06 10:59 KST

http://english.yonhapnews.co.kr/Engnews/20070506/640000000020070506105947E9.html

Full text of joint declaration on start of South Korea-EU free trade talks
SEOUL, May 6 (Yonhap) -- The following is the full text of a joint
declaration on the beginning of South Korea-EU free trade negotiations
as the two sides are set to launch the first round of formal talks
from Monday through Friday in Seoul.

Trade minister of the Republic of Korea Kim Hyun-chong and the
European Union Trade Commissioner Peter Mandelson, meeting in Seoul on
May 6, agreed to the launch of negotiations on a bilateral free trade
agreement (FTA). The Ministers agreed to aim at a new generation WTO
compatible FTA that would extend beyond present agreements and build
towards future multilateral negotiations. The ministers agreed that
bilateral liberalization of goods and services would contribute to the
strengthening of the multilateral trading system and promised to
cooperate in promoting an early and successful conclusion of the Doha
Development Agenda.

The ministers said that a comprehensive and high-level FTA that is
consistent with WTO rules and principles would open new markets and
expand opportunities for Korean and EU businesses while giving
valuable momentum to liberalization of global trade. They also noted
that the EU is Korea's second largest trading partner and Korea is the
fourth largest non-European trading partner for the EU.

Emphasizing the need for rapid progress in the FTA negotiations so as
to allow for its timely conclusion, the ministers promised to achieve
significant progress over the scheduled rounds comprehensively
covering areas that include tariff and non-tariff aspects of trade in
goods, services and investment, and regulatory issues, such as
intellectual property rights, government procurement and competition.

The ministers reaffirmed their strong commitment to the primacy of the
multilateral trading system and reconfirmed that the bilateral
liberalization of trade and investment through new generation FTAs
would contribute to the strengthening of the multilateral trade
system.

(END)


--
HeeSeob Nam
IPLeft (www.ipleft.or.kr)
Mobile: +82 11 470 1180
hurips@gmail.com