On October 6, the European Union and South Korea formally signed the EU-Korea Free Trade Agreement at the EU Korea Summit held in Brussels, Belgium, and decided to upgrade the relationship to a strategic partnership. The trade agreement will come into effect on July 1, 2011. After a five-year transition period, except for a few agricultural products, 98.7% of the tariffs on industrial goods and agricultural products will be cancelled. Industry analysts said that the signing of the EU-Korea free trade agreement will stimulate a significant increase in the production of high value-added special products in South Korea, including petrochemical products.
According to the chief economist of Korea’s Shinhan Investment Co., Ltd. in Seoul, with the signing of the free trade agreement, the price competitiveness of Korean high-value-added products relative to Chinese and Japanese products will increase in the EU market. According to a recent research report of the Korea International Economic Policy Institute, South Korea's export volume will increase by about 2.5 billion U.S. dollars each year in the first 15 years after the official implementation of the Free Trade Agreement of Europe and South Korea, while imports will increase by 2.1 billion U.S. dollars annually. Fine chemicals exports from South Korea to the European Union will increase by approximately US$53 million per year, while petrochemical exports will increase by US$108 million per year.
In September, South Korea's total exports increased by 17.2% year-on-year to US$39.74 billion, which was mainly stimulated by the strong growth in exports of semiconductors, shipbuilding components and refined oil. Among them, petrochemical exports increased by approximately 7.1% year-on-year to US$2.75 billion. Oil exports increased by 28.1% year-on-year to US$2.73 billion. The EU is currently Korea’s second largest trading partner. In 2009, the volume of trade between Europe and South Korea reached about 54 billion euros. The main products exported to the EU by South Korea include shipbuilding-related components, liquid crystal display panels, semiconductors and petrochemical products.
According to the chief economist of Korea’s Shinhan Investment Co., Ltd. in Seoul, with the signing of the free trade agreement, the price competitiveness of Korean high-value-added products relative to Chinese and Japanese products will increase in the EU market. According to a recent research report of the Korea International Economic Policy Institute, South Korea's export volume will increase by about 2.5 billion U.S. dollars each year in the first 15 years after the official implementation of the Free Trade Agreement of Europe and South Korea, while imports will increase by 2.1 billion U.S. dollars annually. Fine chemicals exports from South Korea to the European Union will increase by approximately US$53 million per year, while petrochemical exports will increase by US$108 million per year.
In September, South Korea's total exports increased by 17.2% year-on-year to US$39.74 billion, which was mainly stimulated by the strong growth in exports of semiconductors, shipbuilding components and refined oil. Among them, petrochemical exports increased by approximately 7.1% year-on-year to US$2.75 billion. Oil exports increased by 28.1% year-on-year to US$2.73 billion. The EU is currently Korea’s second largest trading partner. In 2009, the volume of trade between Europe and South Korea reached about 54 billion euros. The main products exported to the EU by South Korea include shipbuilding-related components, liquid crystal display panels, semiconductors and petrochemical products.
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