FKCCI discusses EU-Korea-France economic cooperation with the European Ambassador in Korea

The French-Korean Chamber of Commerce and Industry (FKCCI) had the pleasure to welcome H.E. Maria CASTILLO-FERNANDEZ, EU Ambassador to Korea, and Christophe BESSE, Head of Trade section at the European Delegation in Korea, in its premises in Gangnam, Seoul.

As we celebrate in 2021 the 10-year anniversary of the entry into force of the EU-Korea Free Trade Agreement (FTA), it was the opportunity for David-Pierre JALICON, FKCCI Chaiman, and Cédric LEGRAND, FKCCI Managing Director, to discuss together with the EU Delegation the FTA's impact on our bilateral trade and present market access issues still encountered by French companies in Korea.

The EU-Korea FTA, the first of its kind signed by the EU with any Asian partner, is a landmark agreement that significantly boosted bilateral trade in both directions, notably by removing import tariffs on industrial and agricultural goods. Today, the EU and Korea trade amounts to nearly 100 bn EUR worth of goods annually, in which France-Korea trade represents 9.3 bn EUR. Europe is the 4th largest market for Korean exports, while Korea represents the 9th most important market for the EU. Although the FTA covers 98% of products, some barriers remain on certain products that are a concern for French businesses such as in agribusiness sectors (beef, ...).

The meeting was also the opportunity to coordinate on common actions in the interest of the foreign community in Korea in the uncertain COVID-19 sanitary environment. In particular, we appreciate the efforts of the EU delegation to revise the recent ordinance COVID-19 test for foreigners in Seoul. We stay ready to take an active part in future challenges that may arise.

Find out more on the work of the EU Delegation and the biography of H.E. Maria CASTILLO-FERNANDEZ here