Korea-EU framework agreement effective April

An agreement framework for trade and cooperation between the Republic of Korea and the European Community takes effect this April, following a ratification period. Korea finished the internal ratification process April 28, 1999, and the EU concluded it this past March.

The agreement, signed October 28th, 1996, includes issues such as, trade, agriculture and fisheries, maritime transportation, shipbuilding, intellectual property rights, standardization, economic and industrial cooperation, drug trafficking, money laundering, scientific and technological cooperation, the environment, energy, and cultural exchanges. It also paved the legal way for further bilateral cooperative relationships on commerce, economy, science, the environment, and culture.

The two parties plan to build a special committee under a general committee according to Act 19 of the agreement, and hold a first general meeting in Seoul in the first half of this year. This agreement will brighten prospects for increased business and strengthen political dialogues.

Since acquiring the legal foundation for further political discourse, Korea is looking to hold a variety of level talks such as Korea-EU summit talks, a Korea-EU foreign minister meeting, and assistant minister-level talks.