Billy Kelleher
Ceist:249. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation if the EU has a free trade agreement with South Korea; and if she will make a statement on the matter. [10380/19]
Amharc ar fhreagraTuesday, 5 March 2019
Ceisteanna (249)
Freagraí scríofa
The EU-South Korea Free Trade Agreement (FTA) was signed in October 2010 and has been provisionally applied since July 2011. The FTA was approved by Dáil Éireann on 21st July 2011 and was formally ratified by the EU in December 2015. At the time it was the most ambitious trade agreement ever negotiated by the EU and the first with an Asian country.
The majority of import duties were removed in 2011 on provisional application. With the exception of a limited number of agricultural products, the remaining tariffs were phased out over a 5-year period which concluded on 1st July 2016. The phasing out of tariffs on the remaining agricultural products is being carried out over a longer period of up to 18 years except for a small number of sensitive products which are addressed by quotas.
Ireland’s trade with Korea has increased significantly since the FTA was first applied. Irish exports of goods to Korea have more than doubled from €289m in 2010 to €590m in 2018. Ireland’s exports of services to Korea have more than quadrupled during the same time from €209m to €846m The FTA has been mutually beneficial with Korea’s exports to Ireland also increasing.
The EU-Korea FTA is overseen by the EU-Korea FTA Trade Committee co-chaired at ministerial level where the EU is represented by Trade Commissioner Cecilia Malmström. The main committee is supported by seven specialised committees, seven Working Groups and an Intellectual Property (IP) Dialogue.
EU Agreements such as the EU-Korea FTA are very important for Ireland. With a small domestic market, further expansion in other markets is essential to our continued economic growth. In this regard Ireland will continue to support the EU’s ambitious programme of negotiating new FTA’s, opening new markets for Irish companies and increasing export and investment opportunities.
My Department will publish a study later this year which examines the economic opportunities and impacts for Ireland arising from FTAs, both currently in place and in negotiation, including the EU-Korea FTA. The objective is to deepen our understanding of how Ireland can best take advantage of these opportunities, and ensure that our businesses are prepared to access new markets.