mr president this fta is the first of a new generation of trade agreements launched in two thousand and seven as part of the global europe initiative
global economy instability and a stagnated mutlilateral system have strengthened the need and pursuit for increased bilateral relations
it is the first fta in which parliament will exercise its new enhanced powers given to it by the treaty of lisbon
the fta is designed to provide eu businesses in a wide variety of economic sectors with extensive and comprehensive access to the south korean market through a series of unprecedented tariff liberalisations
it guarantees wto-plus disciplines in the case of for example geographical indicators government procurement greater transparency of state aid and strong enforcement of intellectual property rights and contains an all-important chapter on sustainable development
however while the many advantages are both immediate and conspicuous i welcome more than anything else the fact that the fta has an effective bilateral safeguard mechanism a safeguard that allows the eu to restore mfn duty rates should it be that this particular fta has led to or threatens to cause serious injury to eu domestic industry
it is a safeguard that specifically addresses the concerns of europe's sensitive sectors including the auto industry consumer electronics and textiles and guarantees the protection they deserve
on this note i would like to thank pablo zalba bidegain for the work that he did on this specific part of the agreement
the south korea market offers significant new opportunities for eu goods and services
it is a market that until now has remained relatively closed off due to high tariff levies and costly non-tariff barriers
the fta will quickly remove eur one point six billion worth of eu export duties levied annually
there will be benefits for eu exporters of industrial and agricultural products immediate savings on chemicals approximately eur one hundred and seventy-five million pharmaceuticals auto parts industrial machinery and the list goes on
it is also worth noting that these figures quoted will probably be even higher because of the increased trade
korea is currently among those more globally valuable export markets for eu farmers with annual sales of over eur one billion to korea
the fta fully liberalises nearly all the eu's agricultural exports
exports are thus an important source of growth for the eu
they contribute to wealth and employment for european businesses and their employees and will act as one of the most important factors in stimulating the eu economic recovery
the commission and the european car association have worked closely together to get this agreement
the world is watching as europe leads the way in improving trade and economic relations with partners in every corner of the world looking at it
i have always said that trade is the real means of development
by removing barriers to trade and building new bridges we create new opportunities
this particular fta offers a new approach
complementary of course to doha it will drive europe's recovery and growth and the european parliament will be instrumental in determining the future of global trade policy
at this stage i would like to thank ignacio from the commission
one of the economists said ignacio that this is probably the best trade agreement that both parties could ever have agreed
i urge all groups to put aside protectionism and support this agreement
