Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-16-Speech-3-583-000"
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"en.20110216.18.3-583-000"2
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"I think that the entry into force of the EU-Korea Free Trade Agreement would have a positive impact on the European Union’s economy. Firstly, it would help achieve customs duty savings estimated at EUR 1.6 billion a year. We would also see an increase in trade, especially in the services sector where the future growth in trade is estimated at 70%, and in the agricultural sector where, just at the moment, European Union exports to Korea have an annual value of EUR 1 billion.
At the same time, this is an ambitious and innovative agreement. It is the first in a new generation of free trade agreements which contain both a chapter on sustainable development and compliance with labour standards and a monitoring mechanism in which civil society will be involved. The fears about the difficulties which Korean competition could cause the Union’s more sensitive industries, such as the car industry, are dispelled by the inclusion of the Safeguard Clause in the agreement. This will be used to impose measures for monitoring imports and exports and evaluating the impact of the agreement on the various sectors."@en1
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