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South Korea is witnessing a clear increase in trade volume with the European Union after a free trade agreement between them took effect on July 1.
The Korea Customs Service said Sunday that the exports and imports with the EU amounted to $1.48 billion and $1.65 between July 1-13, an increase of 19 percent and 16 percent, respectively.
The customs agency said that the newly signed FTA may have driven the growth despite growing uncertainties surrounding the financial crisis in Europe.
Without considering the products that had already been tax free, the amount of exports and imports showed increases of 55 percent and 13 percent. In particular, the increase in exports was more apparent than those with other FTA partners last year such as ASEAN (29 percent) and India (17.7 percent), KCS said.
“The data shows that our exporting companies are benefiting directly from the FTA with EU. Considering the early achievements, the pact is expected to have a positive impact in the country’s economic recovery in the latter half of the year,” said a KCS official.
The agency plans to encourage more companies to become a certified exporter within the year so that they can enjoy simplified document procedures.
It also will set up a special team to deal with potential disputes in customs clearance and sign a memorandum of understanding with EU members to better protect Korean companies from tax audits.
By Lee Ji-yoon (jylee@heraldcorp.com)
The Korea Customs Service said Sunday that the exports and imports with the EU amounted to $1.48 billion and $1.65 between July 1-13, an increase of 19 percent and 16 percent, respectively.
The customs agency said that the newly signed FTA may have driven the growth despite growing uncertainties surrounding the financial crisis in Europe.
Without considering the products that had already been tax free, the amount of exports and imports showed increases of 55 percent and 13 percent. In particular, the increase in exports was more apparent than those with other FTA partners last year such as ASEAN (29 percent) and India (17.7 percent), KCS said.
“The data shows that our exporting companies are benefiting directly from the FTA with EU. Considering the early achievements, the pact is expected to have a positive impact in the country’s economic recovery in the latter half of the year,” said a KCS official.
The agency plans to encourage more companies to become a certified exporter within the year so that they can enjoy simplified document procedures.
It also will set up a special team to deal with potential disputes in customs clearance and sign a memorandum of understanding with EU members to better protect Korean companies from tax audits.
By Lee Ji-yoon (jylee@heraldcorp.com)
