Summer School 2022 <European Economics> Session 12 > Summer School at KU

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Dr. Heungchong Kim, the president of Korea Institute for International Economy Policy, came for the lecture on July 12. The topic of the lecture was ‘EU’s Common Commercial Policy and the Case of Korea-EU FTA.’ The lecture consisted of four parts: EU as a global trade power, EU’s Common Commercial Policy, Main Policy Tools, and Korea-EU FTA. The EU is a big trade partner, in both import and export. Recently, the EU is deliberating a new trade strategy, which embraces the concept of open strategic autonomy. The weakened multilateralism, Sino-US trade war, digital, green transformation and pandemic called for the EU’s active role. European Commission is especially keen on being a key player. The Commission proposes, implements and negotiates the whole trade negotiations. Some of the major policies are Common External Tariff (CET), Preferential Trade Agreements (PTAs), Non-Tariff Barriers to Trade (NTBs), and Trade Defence against trade remedies by WTO. Anti-dumping, anti-subsidies and safeguard are additional methods of the EU.

The last section of the lecture introduces the Korea-EU trade, especially of Korea-EU FTA. The EU is the second largest import partner to Korea, whilst Korea is the 8^th partner in size to the EU. After the implementation of the FTA, the trades were more facilitated. The bilateral trade relations with the member countries of the EU is also promoted, although they are not without challenges such as possible revisions and the aftermath of BREXIT.