EU, South Korea free trade deal

16 October 2009

The European Union and South Korea have agreed on one of the world's biggest free-trade deals. It is estimated that the deal will be worth up to $28bn for the EU and about $18bn for South Korea.

Dinleyin Haberi dinleyin

This is a highly significant deal reached between the 27 countries in the European Union and South Korea. Trade between the two was worth around $100bn last year. The EU says it's the most important free trade agreement ever negotiated between it and a third country.

The deal will see the quick elimination of $2.3bn worth of duties for EU exporters to Korea. Europe's trade Commissioner, Baroness Ashton, said the agreement will create new opportunities for European companies in services, manufacturing and agriculture. She stressed it was particularly important in the current economic climate, helping to fight the downturn and create new jobs.

But European car manufacturers object to the deal, arguing that dropping the EU's current 10% tariff on Korean vehicles coming into Europe would harm them. A spokesman for the Association of European Car Makers, an industry which has struggled during the recession, said the accord would give a huge competitive advantage to South Korean manufacturers.

The agreement still has to be ratified by all 27 EU governments, the European Parliament, South Korea's Cabinet and President. If it passes that process it's expected to come into force next year.

Mark Sanders, BBC News, Brussels

Dinleyin Sözcükleri dinleyin

a highly significant deal

çok önemli bir anlaşma

elimination

kurtulmak, durdurmak, iptal etmek, lağvetmek

current economic climate

küresel ekonomide şu an geçerli durum ve eğilimler

to fight the downturn

burada, ekonomik krizin üstesinden gelebilmek için sürekli çaba harcamak

object to

karşı olma

struggled

burada, bir dizi güçlükle karşı karşıya geldi

accord

anlaşma, uzlaşma

give a huge competitive advantage

burada, (Güney Koreli üreticileri) piyasada çok daha iyi bir konuma getirmek, onlara daha büyük ticari başarı şansı vermek

ratified

resmen onaylandı

to come into force
geçerli hale gelmek, yürürlüğe girmek