A tentative free trade deal for S. Korea and E.U.

HONG KONG: South Korea and the European Union on Tuesday reached a tentative agreement to scrap tariffs on goods traded between them, a deal that, if ratified, would send a strong signal on free trade at a time of rising protectionist tendencies.

The Europe-South Korea deal would eliminate most tariffs within five years, facilitating bilateral trade that totaled nearly $100 billion in 2008 (B. Wassener, Herald Tribune, March 24, 2009).

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EU, South Korea move closer to free trade deal

While the U.S. – Korea Free Trade Agreement is still waiting for approval, the European Union gets closer to its second largest partner, Korea (China being the first). Read the article written by K. Olsen, AP Business Writer and the commentary posted on the “Korea Times”.

S. Korean Trade Minister Reiterates No FTA Renegotiation The Korea Times Monday, January 19, 2009

EU, South Korea move closer to free trade dealK. Olsen, AP Business Writer, Yahoo.com

IN KOREA, BIG BUSINESS FOR U.S. SMALL COMPANIES

The removal of Korean trade and regulatory barriers under the U.S.-Korea free trade agreement (FTA) will create huge new opportunities for thousands of small and medium sized U.S. enterprises (SMEs) whose success and growth depend on open and fair foreign markets.

As new U.S. trade data shows, Korea is a rapidly growing market for U.S. SMEs*:

In 2005, 89 percent of U.S. companies exporting to Korea were SMEs, including over 16,850 U.S. SMEs from every U.S. state. U.S. SME exports to Korea, over $8.2 billion that year, were one-third of total U.S. exports with Korea. U.S. SME exports to all countries were 29 percent of total U.S. exports.

Six hundred and twenty-one more U.S. SMEs exported to Korea in 2005 than in 2004. This growth was the second-largest among the United States’ top ten trading partners. Also, U.S. SME exports to Korea grew by over $500 million from 2004 to 2005.

On average, a U.S. SME exports some $500,000 in products to Korea. This revenue creates jobs and stimulates economic activity in communities all across the United States.