Korea trade association calls for deeper collaboration with EU

The Korea International Trade Association (KITA) has emphasised the importance of increasing economic collaboration with European countries during a visit to Italy.

The remarks come following a state visit to the EU member state by South Korean President Park Geun-hye, who attended the Asia-Europe Meeting Summit while there. KITA’s chairman is expected to call for increased trade and investment between the EU and Asia during a keynote speech at the Asia-Europe Business Forum.

Ahead of his speech, KITA chairman Han Duck-soo told Korea JoongAng Daily that he hopes that there will also be closer co-operation in the innovative SME programme Eurostars 2 (of which South Korea is the first non-European member) as well as Horizon 2020, the EU’s research and innovation framework programme.

Han said: “We can boost trade and investment by jointly executing our countries’ economic policies, further promoting FTAs and increasing talent exchanges. Europe already has an advanced network of innovative research in the fields of environment, energy and advanced technology. The potential for collaborative synergies between Europe and Asia is obvious.”

The KITA chairman also expressed an interest in encouraging a greater exchange of young people to overcome unemployment difficulties. Korea is the only Asian country that has signed a free trade agreement with the EU; other deals, including with Japan, India and Singapore, are currently under negotiation.