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"A Business Perspective on the EU-Korea FTA and EU-Korea Trade" Sangwoo Kim, Samsung Europe

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A Business Perspective on the EU-Korea FTA and EU-Korea Trade as presented by Sangwoo Kim, President of Corporate Affairs Europe, Samsung at The Seventh EU Asia Top Economist Round Table on 10 July as part of Asia Business Week Ireland 2015, hosted by Asia Matters

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"A Business Perspective on the EU-Korea FTA and EU-Korea Trade" Sangwoo Kim, Samsung Europe

  1. 1. Seventh EU Asia Top Economist Round Table 10 July 2015 @asiamatters_biz #TERT @asiabusinessweek ‘A New Era in EU Asia Economic Partnership’
  2. 2. 10 July 2015 Radisson Blu Royal Hotel, Dublin A Business Perspective on the EU-Korea FTA and EU-Korea Trade Sangwoo Kim President of Corporate Affairs Europe, Samsung
  3. 3. EU-Korea Trade Sangwoo Kim President, Corporate Affairs Europe Samsung Electronics
  4. 4. 77 Years old USD 318 Billion Revenue (‘14) USD 28 Billion Net income 67 Affiliated Companies - Electronics Industries - Machinery & Heavy Industries - Chemical Industries - Financial Services - Services and Others 673 Offices & 489,000 Employees In 90 countries Since 1938 46 Years old USD 188 Billion Revenue (‘14) KRW 23 Trillion Net income 220 Global Base & 330,000 Employees In 84 countries 3 Business Units -ConsumerElectronics - Mobile Communications - Semiconductors Since 1969 Samsung at a Glance SAMSUNG SAMSUNG ELECTRONICS 4
  5. 5. Seoul in 1948 5
  6. 6. Korean War in 1950 6
  7. 7. Seoul today 7
  8. 8. Last year, South Korea GDP was USD 1410.38bn – all time high so far 8
  9. 9. 9
  10. 10. Innovation Union Scoreboard 2015 10
  11. 11. 11 EU exports to Korea on the rise Over the last dozen of years, EU28 exports to South Korea more than doubled  The overall progress in the country and the steadily growing buying power may be amongst the reasons for that growth
  12. 12. 12 EU – Korea FTA The FTA entered into force in July 2011; it:  is the first of a new generation FTAs that goes further than any previous agreements in lifting trade barriers  is the EU's first trade deal with an Asian country  eliminates duties for industrial and agricultural goods in a progressive, step-by-step approach  on 1 July 2016, will eliminate import duties on all products except for a limited number of agricultural products  also addresses non-tariff barriers to trade with particular focus on the automotive, pharma, medical devices and electronics sectors
  13. 13. 13 EU – Korea FTA: several years later Pretty good Not so great Not so bad
  14. 14. 14 EU – Korea FTA: not so bad  BUT since the 12-month period before the FTA took effect: – EU exports of goods to Korea increased by 35% – EU exports to Korea of fully or partially liberalised products grew more than the overall exports – by 46% and 37% respectively – EU exports of motor vehicles to Korea increased by 90% – EU exports of transport equipment increased by over 56% – Had the FTA not been in force, the current level of EU exports to Korea would have led to duty payments of EUR 1.6bn – Overall, the EUR 7.6bn trade deficit with Korea turned into a trade surplus of EUR 3.6bn in the EU's favour FTA faced fears over anticipated adverse effect on the EU economy, especially in light of the financial crisis
  15. 15. 15 EU – Korea FTA: not so great In 2014, EU imports from Korea totalled EUR 37.9bn – roughly equal to the 12-month period before the FTA took effect
  16. 16. 16 EU – Korea FTA: pretty good  In 2014, Korean imports of goods to EU increased by 6% compared to the previous year Since the FTA took effect  Significant increases were noted in EU imports of: − plastics 50% − mineral products 112% − chemical products 48%  EU imports from Korea of motor vehicles grew by 53% – EU imports of passenger cars from the rest of the world declined by 7%  EU imports from Korea of car parts increased by over 20% – respective imports from the rest of the world increased by merely 3%  While imports of electronics decreased by 13% in the second year of FTA implementation, in the third year they increased by 31%
  17. 17. 17 EU – Korea FTA: pretty good
  18. 18. Thank you!

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