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According to the chief economist of Seoul South Korea Investment Corporation in Seoul, South Korea, with the signing of the free trade agreement, the value competitiveness of high value-added products in Korea relative to Chinese and Japanese products will increase in the EU market. According to a recent research report of the Korea International Economic Policy Institute, South Korea's export volume will increase by about 2.5 billion U.S. dollars each year in the first 15 years after the official implementation of the EU-Korea free trade agreement, while import value will increase by 2.1 billion U.S. dollars annually. Fine chemical exports from South Korea to the European Union will increase by approximately US$53 million per year, while petrochemical exports will increase by US$108 million per year.
In September, South Korea's total exports increased by 17.2% year-on-year to US$39.74 billion, which was mainly stimulated by the strong growth in exports of semiconductors, shipbuilding components and refined oil. Among them, petrochemical exports increased by approximately 7.1% year-on-year to US$2.75 billion. Oil exports increased by 28.1% year-on-year to US$2.73 billion. The EU is currently Korea’s second largest trading partner. In 2009, the volume of trade between Europe and South Korea reached about 54 billion euros. The main products exported to the EU by South Korea include shipbuilding-related components, liquid crystal display panels, semiconductors and petrochemical products.
South Korean Chemical Exports to EU Competitiveness Enhancement
On October 6, the EU and South Korea formally signed the EU-Korea Free Trade Agreement at the EU-Korea Summit held in Brussels, Belgium, and decided to upgrade the relationship to a strategic partnership. The trade agreement will come into effect on July 1, 2011. After a five-year transitional period, except for a few agricultural products, 98.7% of the trade tariffs on industrial goods and agricultural products of the two countries will be cancelled. Industry analysts said that the signing of the EU-Korea free trade agreement will stimulate a significant increase in the production of high-value-added special products in South Korea, including petrochemical products.