EU-South Korea FTA as one of the new generation agreements – an overview of the effects of the agreement
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The changes in the structure of the world economy related to the proliferation of regional trade agreements (RTAs) are reflected in activities undertaken by the EU, which, due to the crisis of multilateral negotiations, seeks alternative forms of gaining access to other markets. Thus, it concludes new-generation trade agreements with its partners as they entail broader and more comprehensive liberalization of trade than that within the WTO. Among them, the agreement which deserves a closer scrutiny is the very first agreement of this kind, signed with an Asian country in 2011, which marked the beginning of a new era in EU-Korean trade relations. An analysis of the volume and dynamics of trade between the two partners indicates good results, particularly for the EU, which has changed its role from a net importer to a net exporter and strengthened its position as one of the key trade partners of South Korea.
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