EU FTA has silver lining for big firms

Published July 1, 2012 on The Korea Herald One year has passed since the much-lauded Korea-EU Free Trade Agreement went into effect on July 1 last year. However, high expectations that the tariff-cutting pact would give Korea’s exporters a boost into the European market have been lowered over the year as the sovereign debt crisis in the eurozone continues to weaken the region’s overall demand, said an economist. While 13.8 percent of Korea’s exports were sent to the EU in 2008, that share actually slid to 9.4 percent this year amid the eurozone’s debt woes and fierce competition from rivals…