The EU is China's largest export destination, the EU and Korea and other countries signed a free trade agreement, means that the goods will be at a lower price of entering the EU market and compete with Chinese goods. Although China and these countries export structure overlapping is not high, but with the adjustment of the export structure in China, and Korea in the middle and high-end products increasingly fierce competition or will.
16 February, the EU Member States agreed with the Korea signed free trade agreements (FTA), which is the European Union and Asian countries signed the first free trade agreement. Some experts believe that the signing of this agreement will be for the EU and India and other countries to sign FTA provides follow-up business model. As China and the EU signed free trade agreements have not exact schedule, so that once the EU Korea free trade agreement-2002 which entered into force on 1 July, China's exports to the EU for fear of facing variables.
On the final compromise in Italy
EU-Korea free trade agreement signed sailing. In 10 days, Italy also has publicly said that although the free trade agreement discussions have completed 80%, but Italy is still not agree to the terms of section.
Italy does not intentionally hesitance whim they Korea automobile industry is to the domestic industry impact concerns not unreasonable. The Chinese Academy of social sciences, Institute of Asian and African, said Dr. Kim Ji Korea export of basic vehicle and Italy belong to the same grades, price difference is not significant. If EU Korea auto zero tariff, means that the Korea automobile in price would be more dominant.
However, at the last moment, Italy or compromise. According to reports, dexinshe 16, Italy in other EU Member States strongly convinced that changed against Korea-EU FTA attitude. In the last round of the consultation process, the other Member States and Korea Government conceded to Italy, the effective time of the FTA has been postponed for half a year. It is noted that the EU and Korea free trade agreement initialed last October, the pending approval of the entry into force of this year.
It is learnt that the agreement will be held in Brussels on 6 July the EU Korea Summit. EU official says that the free trade agreement with Korea will provide EU manufacturers create approximately 190 million euros in new exporters. According to the EU, the EU and Korea last cargo trade up to a total of $ 530 million euros.
According to Taiwan's industrial and commercial times report, EU-Korea FTA, over 97% of the EU industry and more than 90% of Korea industrial products will be reduced to zero tariffs. Korea automotive parts and components, agricultural and fishery products, textile and machinery products are expected to benefit.
Chinese exports to the EU as much worry
EU Presidency Belgium's Foreign Minister van NAKEL said, this is the EU "the most ambitious agreement". He said that the bilateral trade agreements will put the European and Asian economies more closely tied together, the EU opened the Asian market is a significant step forward. It is noted that the EU is currently discussing with India signed a trade agreement negotiations, the EU hopes that this December to reach this agreement.
The EU and Korea are important trading partners. In particular, the EU is China's largest export destination. According to customs statistics, 2009 EU bilateral trade 3640.85 billion, accounting for China's 16.5% of the total value of imports and exports.
The Chinese Academy of social sciences, Institute of world economy and trade, international trade, Associate Professor, NI-ju told reporters that the EU and Korea, and other Asian countries signed a free trade agreement, on Chinese exports will be affected. Especially in Europe sluggish demand, recently, China and Korea's export growth has declined, the European market of more intense competition. FTA, Korea export commodity prices substantially reduced, the price of victory on the stage to Chinese goods will be a challenge.
Kim Hee, Korea's exports to ship, mobile phone, automobile, petrochemical products. But the Chinese exports to the EU of products mainly electromechanical products, textiles and materials and furniture, toys. China and South Korea on European exports in the overlap of seemingly does not, however, in the textile and shipbuilding, Korea merchandise will pose a great threat to China. Especially with the restructuring of China's exports, China's exports of goods with high added value, there will be increased and the direct confrontation of Korea merchandise.
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