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Korea, EU heads hail FTA benefits

March 28, 2012 - 21:54 By Korea Herald
EU leaders urge N. Korea to call off rocket launch plan


The leaders of South Korea and the EU on Wednesday expressed their expectation that the full implementation of their bilateral free trade pact will enhance their economic cooperation and benefit both companies and consumers.

President Lee Myung-bak held bilateral talks with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso at Cheong Wa Dae on Wednesday to discuss cooperation on trade, business, security and other pending issues.

The leaders of the two sides also urged North Korea to call off its plan to launch a long-range rocket, stressing that it would be a “clear violation” of related U.N. Security Council resolutions.

The summit talks were held while the EU leaders were here to attend the two-day Nuclear Security Summit that ended on Tuesday.

Touching on the bilateral free trade pact, which has been provisionally in effect since July last year, Lee said that South Korea will start feeling its effect on the local economy from later this year or next year.

“European nations’ investment in South Korea has increased by 60 percent. The increase led to the creation of jobs. (South Korea) will feel that effect in the latter half of the year or next year,” Lee told a joint press conference after the summit talks.
(From right) President Lee Myung-bak, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso hold a joint press conference at Cheong Wa Dae after their talks on Wednesday. (Chung Hee-cho/The Korea Herald)

With the consent of both South Korean and European parliaments, the bilateral pact went into effect provisionally last year. Its full effectuation needs approval from all 27 EU member states.

Expressing “grave concern” over Pyongyang’s rocket launch plan, the two sides urged it to comply with its international obligations, particularly by abandoning its nuclear programs.

“(The) EU attaches great importance to maintaining the stability in the region and reducing tension on the peninsula. We remain gravely concerned over North Korea’s nuclear weapons, missile programs and human rights situation,” said Rompuy during the press conference.

Rompuy urged the North to focus on enhancing the livelihoods of its suffering people.

“I need to highlight the gravity of North Korea’s human rights situation and the problem of hunger and malnutrition of the people. These should be the first priority for North Korea, not missiles and nuclear weapons,” he said.

During their talks, the two sides also affirmed that the high-level political dialogue will be held on an annual basis from this year, and that bilateral consultations will be held to strengthen cooperation in addressing human rights issues.

They also agreed to work closely to achieve concrete results at the coming Group of 20 summit slated to take place in Mexico in June, for strengthening the global economy, enhancing food security and the international financial architecture and promoting green growth and sustainable development.

The leaders also expressed deep concerns over Iran’s nuclear program and massive civilian casualties due to the Syrian government’s crackdown on pro-democracy protesters.

By Song Sang-ho (sshluck@heraldcorp.com)