(Brussels, 17 February 2011) The CIAA (Confederation of the food and drink industries of the EU) today welcomes the consent by the European Parliament to the EU-Korea Free Trade Agreement (FTA).

Speaking following this development, CIAA President, Jesús Serafín Pérez commented:

“Europe’s food and drink manufacturers welcome the Parliament’s consent on the EU-Korea Free Trade Agreement, which marks significant progress towards better market access in this exciting market for our products. Moreover, we trust that the new framework for future cooperation with South Korea will also lead to a reduction in non-tariff barriers to trade.’’

In addition to improved market access, the FTA should offer greater protection to more than 160 European geographical indications (GIs), setting a clear precedent for future FTAs to be concluded by the EU.

As the largest manufacturing sector in the EU in terms of turnover (€965 billion, 12.9% of the manufacturing sector) and employment (4.4 million people, 13.5% of the manufacturing sector), CIAA members expect the FTA to bring considerable gains to the European food and drink industry, and to Europe as a whole.

Following today’s consent by the Parliament, the FTA can be applied without further delay. Any delay would disadvantage the EU since preferential treatment already obtained by third countries could result in EU food and drink manufacturers running the risk of losing out on a share of the Korean market.

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