It is a misnomer to think that trade protectionism and tariffs are a way to protect parts of our society that feel they are not benefitting from the global economy.
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It is a misnomer to think that trade protectionism and tariffs are a way to protect parts of our society that feel they are not benefitting from the global economy. Cutting tariffs actually helps the neediest in society in the way it reduces prices and increases choice in basic imported goods such as food and clothing.
Trade still is the best engine for growth and development. Therefore the EU supports the multilateral trading system of the World Trade Organisation. They not only support trade and investment, but build an overall more competitive business environment that is ultimately a win-win for all involved. Almost 15% of the value of exports is made up of imported goods and services. This translates into about 30 million jobs.
The EU-Korea FTA was the first FTA that truly went beyond the border to not only eliminating tariffs, but also really facilitating an environment for investment, growth and jobs.
In turn the EU actively supports Korea politically in its difficult security environment and stands by its commitment to openness, multilateral cooperation which contributes to a public good in high demand on the Peninsula: stability and predictability and ultimately peace.