South Korean Farmers Rally Against Free Trade Deal with EU

More than a thousand South Korean farmers rallied in Seoul on Tuesday urging the government to stop pursuing a free trade deal with the European Union. They’re concerned that an agreement would increase competition and ruin their business.

The farmers say they’re not ready to compete with advanced countries like those in the EU.

[Lee Joon-dong, Rally Participant]:
„We need to compete with low prices and good quality, but we don’t have a competitive position at the moment, so it will totally ruin our agricultural industry.“

The European Parliament approved the deal with Asia’s fourth largest economy in February, for what will be the EU’s largest bilateral free trade deal.

But South Korea is still trying to pass legislation.

The deal will scrap 98 percent of import duties, that’s over $2.2 billion of South Korean duties and nearly $16 billion of EU duties.

Trade barriers in manufactured goods, farm products and services will be phased out over the next five years.

A similar trade bill with the United States is expected to face a tough passage through legislation.

Foto: NTD