Trade body, EUCCK ink MOU to help firms benefit from FTA

South Korea's umbrella trade association and the European Union Chamber of Commerce in Korea (EUCCK) signed an agreement Tuesday that aims to help firms take full advantage of a bilateral free trade pact that goes into effect in July. The memorandum of understanding (MOU) calls for assisting corporate marketing efforts to fuel two-way trade, arrange for the dispatch of trade missions and exchange up-to-date market related information, the Korea International Trade Association (KITA) said. "The free trade pact marks the most noteworthy leap forward in bilateral relations," said KITA chairman Sakong Il. He added that because of its significance every effort must be made so companies can make the most of the favorable trade environment. The free trade agreement, signed in October, is expected to boost trade between South Korea and the 27-member EU by as much as 20 percent in the long run that can translate into more growth, jobs and business opportunities. As of 2010 trade between South Korea and the EU reached US$92.2 billion, up around 17 percent from $78.8 billion tallied in the previous year.