CYIL 2012

EDITA ŠEDOVÁ ȃ DAVID MÜLLER

CYIL 3 ȍ2012Ȏ

Table 1

Evolution of CZ trade with Korea (always for period July - June, in USD)

3500000

3000000

2500000

2000000

1500000

1000000

500000

0

2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012

export

import

5. Final remarks Contemplating the prospects and potential of the FTA, it is crucial to keep in mind its unique position and embedded expectations. As EU Trade Commissioner Karel De Gucht pointed out, “this Free Trade Agreement is the most ambitious trade deal ever concluded by the EU and should become a game-changer for our trade relations with Asia”. 36 The signature of the Agreement sealed the creation of the third largest free trade area in history in terms of nominal GDP, lagging only behind the North America Free Trade Agreement and European Economic Area (EEA). It is the first major EU trade agreement concluded after the introduction of the new trade strategy Global Europe and, in addition, which is particularly interesting for the Czech Republic, it is the first agreement of this kind negotiated after its accession to the EU. Being the first in the row of the foreseen new generation’s FTAs is a commitment sui generis, creating a template, comparison and benchmark for other agreements currently being negotiated. Further, it is the first EU bilateral free trade agreement in the Asia region, which is apparently becoming more and more important in the global economy. The FTA may potentially open the door for successful negotiation with other Asian partners. Being obviously an ambitious deal in the field of bilateral trade agreements, it creates completely new legal framework, establishes a challenging playing-field and brings out new potential for future achievements. 36 European exporters to benefit from Free Trade Agreement between EU and South Korea from 1 July, EU Press Release, June 29, 2011.

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