Book contents
- Frontmatter
- Contents
- Acknowledgements
- List of Contributors
- List of Figures and Tables
- Table of Principal Treaties
- Part I The Legal and Policy Context for EU–Korea Relations
- Part II Trade and Economic Integration between the EU and Korea
- 4 Overview of the EU–Korea Free Trade Agreement
- 5 Trade in Goods under the EU–Korea FTA: Market Access and Regulatory Measures
- 6 Some Reflections on Competition and Subsidies under the EU–Korea FTA
- 7 The Legal Framework for Investment Protection between the European Union and Korea: Towards a Level Playing Field for Investors?
- 8 Innovations and Implications of the Trade and Sustainable Development Chapter in the EU–Korea Free Trade Agreement
- Part III Beyond Trade and Economic Cooperation: Wider Issues in EU–Korea Relations
- Index
5 - Trade in Goods under the EU–Korea FTA: Market Access and Regulatory Measures
from Part II - Trade and Economic Integration between the EU and Korea
Published online by Cambridge University Press: 05 April 2014
- Frontmatter
- Contents
- Acknowledgements
- List of Contributors
- List of Figures and Tables
- Table of Principal Treaties
- Part I The Legal and Policy Context for EU–Korea Relations
- Part II Trade and Economic Integration between the EU and Korea
- 4 Overview of the EU–Korea Free Trade Agreement
- 5 Trade in Goods under the EU–Korea FTA: Market Access and Regulatory Measures
- 6 Some Reflections on Competition and Subsidies under the EU–Korea FTA
- 7 The Legal Framework for Investment Protection between the European Union and Korea: Towards a Level Playing Field for Investors?
- 8 Innovations and Implications of the Trade and Sustainable Development Chapter in the EU–Korea Free Trade Agreement
- Part III Beyond Trade and Economic Cooperation: Wider Issues in EU–Korea Relations
- Index
Summary
INTRODUCTION
The EU ranks as Korea's fourth largest import and export partner, right after China, Japan and the United States. Trade with the EU accounts for approximately 10 per cent of Korea's external commerce. In 2010, Korea exported 38 billion euros worth of goods to the EU, more than 90 per cent of which was manufactured products – the bulk of them consisting of machineries and transport equipment. Korea, for its part, is the EU's ninth largest trading partner, accounting for about 2.3 per cent of EU external commerce. In 2010, the majority of exports to Korea were, likewise, manufactured goods, representing almost 90 per cent of the goods that were traded. Thus, trade in industrial products dominates commerce between the parties. The ‘gains from trade’ under this setting arise primarily from the broader variety that is available to consumers and the opportunity of scale economies for producers.
The rules in the EU-Korea Free Trade Agreement (FTA) are broadly based on the signatories' World Trade Organisation (WTO) obligations. Many substantive rules either resemble or incorporate the relevant WTO provisions. For this reason, and to avoid conflicting interpretations, Article 14.16 of the FTA stipulates that:
Where an obligation under this Agreement is identical to an obligation under the WTO Agreement, the arbitration panel shall adopt an interpretation which is consistent with any relevant interpretation established in rulings of the WTO Dispute Settlement Body (hereinafter referred to as the ‘DSB’).
- Type
- Chapter
- Information
- The European Union and South KoreaThe Legal Framework for Strengthening Trade, Economic and Political Relations, pp. 66 - 86Publisher: Edinburgh University PressPrint publication year: 2013