EU and South Korea sign free-trade agreement
On October 15, EU Trade Commissioner Catherine Ashton and Korean Trade Minister Kim Jong-hoon signed the most important free-trade agreement (FTA) ever negotiated between the European Union and a third country.
This agreement, which could generate €19bn in new trade for European exporters, will lead to the elimination of almost all tariff barriers and numerous non-tariff barriers between the two economies.
Appended to this agreement is a protocol on cultural cooperation, which highlights the specific characteristics of this sector, including the audiovisual field. The agreement thus provides for easier entry and temporary residence for artists, actors and technicians on both territories.
The negotiation and implementation of co-production agreements will be encouraged. These co-productions will benefit from the promotion systems for local cultural content, as European works under the terms of the SMA directive and as Korean works within Korean film and broadcasting legislation.
Exchange of information and good practice and a continuous dialogue will be led by a cultural cooperation committee. Either of the parties may at any time refer themselves to the committee in the event of problems related to co-production regulations.
The initialling of this FTA marks the end of negotiations resulting in a secure legal text, which the European Commission will formally present to EU Member States in early 2010. After it has been signed by the EU Presidency and Commission, the FTA will be presented for approval to the European Parliament. It is expected to come into force in the second half of 2010.
The text of the cultural cooperation agreement is available here.
(Translated from French)
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