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The EU-Korea Free Trade Agreement as the First Global Europe FTA to Herald a New Era of World Trade?

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Authors
Suh, Chun-Kyung Paulus
Issue Date
2012-09
Publisher
서울대학교 법학연구소
Citation
법학, Vol.53 No.3, pp. 693-712
Keywords
EU-Korea FTAregional trade agreementEU global europe strategyWTO-plus provisionsmixed agreements
Description
The first draft of this article was presented at the 1st Joint Symposium between

Seoul National University and Ludwig-Maximilians-Universität München (University of

Munich) on Current Developments in International Economic Law held in Seoul,

Korea from September 21 to 22, 2011. I would like to thank Prof. Dr. Hans-Peter

Folz and Dr. Philipp M. Reuβ for valuable comments on an earlier version of this

paper which has been presented at the 2nd German-Korean Conference at Wildbad

Kreuth, Germany 2011; publication details thereof unknown at the time of publication

of this article.
Abstract
The Global Europe Initiative was the declaration of the European Commission to focus on the competitiveness of the EU in external trade, securing real market access. The EU-Korea Free Trade Agreement (FTA) is the first to be concluded

under this new initiative. So far, the EU has concluded Regional Trade Agreements

which were accession-oriented or had a particular focus on development issues.

As the EU-Korea FTA is the most comprehensive free trade agreement that the

EU ever negotiated, it is also a new generation FTA. Not only does it include

provisions in terms of eliminating tariffs for goods and services, but the EU-Korea

FTA also includes provisions on difficult areas such as investments in services

and industrial sectors, as well as on protection of intellectual property, public

procurement, competition rules, transparency of regulation and sustainable development. It is significant that in most areas the FTA builds on existing multilateral agreements and declarations within the framework of the WTO Legal System. WTO compliance is an important issue throughout the EU-Korea FTA. The

analysis on selected chapters of the Agreement will show that the provisions are

built on existing WTO instruments and go substantively beyond them. In the concluding part, the question will be raised if the FTA at hand is compatible with the WTO system and if it is to herald a new era in world trade, shifting from multilateral agreements to a network of bilateral agreements.
ISSN
1598-222X
Language
English
URI
https://hdl.handle.net/10371/79377
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College of Law/Law School (법과대학/대학원)The Law Research Institute (법학연구소) 법학법학 Volume 53, Number 1/4 (2012)
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