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  • Two years ago today... Korea's free trade deal with one of the biggest markets in the

  • world -- the European Union, went into effect.

  • So how has Korea benefited from the trade pact?

  • Hwang Ji-hye tells us. Wine in Korea used to be a luxury that many people just simply

  • didn't want to shell out their hard-earned money for.

  • But that changed two years ago with the implementation of the Korea-EU FTA,... when tariff cuts led

  • to a more than 20 percent drop in European wine prices.

  • "The price was burdensome before, but now it's so much cheaper that I now enjoy drinking

  • it."

  • And it's not just wine.

  • Consumers now buy European imports such as coffee machines, automobiles and strollers

  • at much cheaper prices compared to two years ago.

  • "On top of Korean consumers enjoying cheaper prices of European products like wine,...

  • Korea's crude oil imports from the EU also soared over the past two years."

  • Korea imported nearly five billion U.S. dollars worth of oil in the two years since July 1st,

  • 2011,... up from zero imports before the trade pact,... because of the tariff cuts in the

  • deal and Western sanctions on Iran.

  • Korean exports to the EU, however,... have slumped... due to the economic recession among

  • the European nations.

  • It's no surprise... that Korea recorded a trade deficit of almost five billion dollars...

  • in the second year of implementation of the free trade deal with the EU -- the first deficit

  • in 15 years.

  • But experts say... that the trade pact served as a buffer against an overall drop in eurozone

  • economies' demand.

  • "Korea recorded a trade deficit, but the drop in import demand of the European nations was

  • not as extreme as in other Asian countries like China and Japan."

  • Experts add... that more time is needed to fully evaluate the impact of the Korea-EU

  • FTA,... as eurozone nations have been suffering from the prolonged debt crisis for the past

  • two years.

  • Hwang Ji-hye, Arirang News.

Two years ago today... Korea's free trade deal with one of the biggest markets in the

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韓國-歐盟FTA:韓國如何從2年之久的協議中獲益?한-EU FTA 발 2효주년 성과와 과제 (Korea-EU FTA: How has Korea benefited from 2-year-old pact? 한-EU FTA 발효 2주년 성과와 과제)

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    richardwang 發佈於 2021 年 01 月 14 日
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