Masha Block
9/17/2010
11:10am
A free-trade agreement between the European Union and South Korea is expected to be signed next month and will take effect July 1, 2011. This is the first agreement with an Asian trade partner. "This is the first generation of bilateral trade agreements which will bind Europe and Asia together in an even-closer economic bond." This will open the market in Asia for Belgium companies. This pact will remove taxes between the two economies and will create jobs. This will also help South Korean businesses through the lifting tariffs on important exports. Exporting of cars, TVs, textiles and shoes from South Korea will become easier now that this agreement has been made.
I believe that connecting more markets together is an important step for the world. As each market comes into contact with another, there are more ideas and produce being shared between countries. Giving South Korea the opportunity to trade with European nations is a huge step in increasing the economy and a way to lower tariffs, as was said in the article. Lowering taxes is something that will help tremendously. With time the United States might win support for a free-trade agreement with South Korea but that battle is still being fought. Connecting the U.S with South Korea will open and make it easier for us to buy and sell with them.
http://www.nytimes.com/2010/09/17/business/global/17trade.html?scp=1&sq=european%20exports&st=cse
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