10th Anniversary of EU-KORF FTA

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Celebrating the 10th Anniversary of EU-KOR FTA

In June, the ECCK has successfully hosted two events to commemorate the 10-year anniversary of the trade pact between EU and Korea.

On June 15, ECCK co-hosted a hybrid event to celebrate the 10th anniversary of the EU-Korea FTA with the Korean-German Chamber of Commerce and Industry (KGCCI) and the German Embassy in Korea.

The event was held to commemorate the FTA’s anniversary, seeking to update and modernize the trade deal to keep up with the rapid development of industry and economy. During the event, the speakers and panelists looked back at the last 10 years and the achievements the FTA has brought to EU and Korea.

During his keynote speech, ECCK Chairperson and Schenker Korea CEO Dirk Lukat said, “10 years ago the hopes for the FTA were high and I can clearly state that those hopes have not been disappointed. The FTA brought custom duties down and led to a certain standardization for technical products and the related certification procedures. Thus, what we observe and can see nowadays here in Korea – as a normal consumer – is a broader product variety visible, for examples in wine and beer in supermarkets and also with cars driving on the Korean roads. The same is true for Korean televisions or Korean cars in Europe.”

“The world has changed in the last 10 years and the way we live and do business has changed. A static FTA, will over time lose its effectiveness, whereas economic partners and trade among trading partners governed by more progressive FTA will prosper. Thus, it is my belief that a modernized EU-KOR FTA is needed,” he added.

The Korean-German Chamber of Commerce and Industry (KGCCI), the German Embassy in Korea and the European Chamber of Commerce in Korea (ECCK) successfully held a hybrid event to celebrate the 10th anniversary of the implementation of the EU-Korea Free Trade Agreement (EU-KOR FTA).

German Ambassador to Korea H.E. Michael Reiffenstuel said in his greeting, “The EU-KOR FTA stands out as a clear symbol against protectionism. It underlines both the EU and Korea’s strong commitment to a rules-based international trade order. Therefore, the 10th anniversary is a reason to celebrate. But it is also an excellent opportunity to reflect on our trade relations with a future oriented look: Over the past years, new trade-related areas have evolved and will continue to grow as we are steadily overcoming the Covid-pandemic. Areas such as digitalization, digital trade and e-commerce prosper. Many companies in Europe and Korea have voiced their strong support for updating the FTA in relevant fields. We support companies in this endeavor. We are convinced that a modernized FTA would be in the high interest of all parties.”

Dr. Martin Henkelmann, President & CEO of KGCCI said, “The EU-Korea FTA has been a benchmark for other FTAs and a strong signal of two economic global key players for enhancing the unrestricted exchange of goods. 10 years later, it is the right time to take stock: the global economic environment has changed and the needs of the businesses in Korea and the EU have evolved. A modernized EU-Korea FTA would – once again – stand out as a forceful signal for rule based global trade which is the foundation for the success of Korean and European companies.”

In addition, the ECCK in cooperation with Hankuk University of Foreign Studies (HUFS) successfully hosted an academic symposium on the topic of “A decade of Korea-EU FTA: Looking back, looking forward” on June 24.

The symposium was held very timely as the 10th anniversary of the Korea-EU FTA is to come on July 1, 2021, which marks the date when the Korea-EU FTA was provisionally applied.

The symposium was opened by Professor and Director of the Jean Monnet Centre of Excellence Si-Hong Kim followed by speeches from the Ambassador of the European Union to the Republic of Korea H.E. Maria Castillo Fernandez, Chairperson of the ECCK and CEO of Schenker Korea Dirk Lukat, former ROK’s Ambassador to the EU, Vice Foreign Minister (ret) and Senior Adviser at Kim & Chang Ahn Chong-ghee, who all shared their insides what the FTA has brought to the business, people and society.

ECCK Chairperson Dirk Lukat said, “The EU-Korea Free Trade Agreement was provisionally applied from July 1, 2011. At that point of time the EU-Korea FTA was considered the most comprehensive trade agreement the EU had ever signed. The FTA was also referred to as the first next generation FTA.”

“The FTA has increased business relations, industrial collaborations and has in simple words shortened the distance between Europe and Korea, resulting in intensified and strengthened exchange between the EU and Korea in many areas,” he added.

The following panel discussion was moderated by Christoph Heider, President of the ECCK and included distinguished experts from Korea and Europe, namely Professor Yoo-Duk Kang from Hankuk University of Foreign Studies, Professor Bong Chul Kim from Hankuk University of Foreign Studies, Professor Andrew Millard from Busan University of Foreign Studies, Professor Frank Rövekamp from Hochschule für Wirtschaft und Gesellschaft Ludwigshafen, and Professor Ramon Pacheco Pardo from Vrije Universiteit Brussel and Kings College.

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