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20th anniversary of BPO

The EU-South Korea FTA is the most comprehensive free trade agreement ever negotiated by the European Union. The understanding brings together the EU-27 Member States, the world’s largest economic bloc, and increasingly affluent South Korea, Asia’s fourth largest economy.

The agreement is the first completed one of the new FTA generation. The process was launched by the EU in 2007, a year after the Global Europe Trade Policy Strategy designated South Korea as a priority FTA partner.
Global Europe had doubts whether the ambitious project of the FTA, with Seoul aiming for the highest possible degree of trade liberalization, was exactly in the interest of both sides. However, on 15th October 2009, after eight rounds of talks between the EU and representatives of South Korea, the FTA was initiated. The document was signed on 6th October 2010 and came into effect on 1st July this year.

Contrary to popular opinions, globalisation is hardly a phenomenon of the last few decades, neither is it complete. And, which may appear surprising at first glance, it may not be irreversible. There are analysts who seriously believe that the course of uninterrupted globalisation may actually be drawing to its end.

Some evidence already exists of what could be termed “reversed globalisation”. The process itself, frequently referred to as “modern”, came about in three great waves, with the most recent one still unfolding. The scope and intensity of globalisation are in fact changing, almost in front of our eyes. There is one aspect of this process that is particularly sensitive to change and that is its strict dependence on the cost of transport.