Trade between the EU and Korea has risen by about 50 percent

Trade in goods between the European Union (EU) and South Korea increased by 46 percent between 2010 and 2020. It has thus increased at almost twice the rate of trade between the EU and countries that do not have a trade agreement with the EU. The European Commission stated this on its website on Thursday on the occasion of the 10th anniversary of the conclusion of a trade agreement between the EU and the Republic of Korea. The growth of bilateral trade in goods and the increase in investment have resulted in increased demand for specialized cross-border services. Trade in services by 2019 increased by as much as 86 percent compared to 2010 and reached the level of 20 billion euros, the EC said. "Every € 1 billion in exports supports 13,000 jobs in the EU. At the same time, the agreement clearly shows that the EU is also doing real action to promote fundamental labor rights, as the agreement has successfully contributed to the Republic of Korea's ratification of key international labor conventions. "said Valdis Dombrovskis, Executive Vice - President of the European Commission and EU Commissioner for Trade. The EU remains the largest source of foreign direct investment in the Republic of Korea, accounting for 37 percent of the country's total foreign direct investment, the EC said. EU investment in the Republic of Korea has increased by 39 percent since 2010, reaching € 44 billion in 2019. On the other hand, the Republic of Korea's investment in the EU increased by 151 percent over the same period, reaching € 29 billion in 2019. The largest investor in the Republic of Korea was the Netherlands, accounting for 33 percent of total EU foreign direct investment, followed by Germany (23 percent), France (9 percent) and Hungary (8 percent). The Netherlands was also the main destination for the Republic of Korea's foreign direct investment in the EU (23 percent of the total). In second place is Germany (21 percent), followed by Hungary, the Czech Republic and Slovakia (both 10 percent each).