Fabian Demicoli

EU Korea Deal: A bold sign against protectionism

 GRTU welcomes the signature of the comprehensive free trade agreement between the EU and South Korea. This is a great day for the European commerce sector. The European Commission has positively responded to our requests. In the current economic environment, the EU-Korea deal is exactly the right sign against protectionism. Open markets will help return to growth and prosperity.

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The agreement, delivered by the European Commission in only two years of trade negotiations, significantly improves the conditions for European retailers and wholesalers on the Korean market. The abolition of size restrictions will allow retailers to freely choose the format of their stores in Korea. Unlike today, they will also be able to offer an almost complete range of goods to Korean consumers. This will not only enhance their competitiveness on the highly challenging Asian market, but also act as a catalyst for European exports.  Korea counts among the biggest trading partners of the European Union. The trade deal brings European retailers and wholesalers access to 50 million consumers and is the most ambitious trade agreement the EU has ever negotiated

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