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EURATEX signs MoU with Korean textile leaders
11
Dec '09
Top EU and Korean Textile and Apparel leaders met with high-level EU and Korean Officials in Brussels on Thursday December 3rd 2009. The main objective was to strengthen cooperation between EU and Korean industries to foster trade, investment, research and innovation within the framework of the EU-Korea FTA. An important part of the efforts from both Kofoti and Euratex will be focusing on the implementation of the EU-Korea FTA trying to ensure a sound application of the Agreement and mitigating the more controversial aspects of the deal for the sector.

In this context an ambitious memorandum of understanding was signed by (Mr.) Hee-Chan Ro, Chairman of KOFOTI- Korea Federation of Textile Industries and by (Mr.) Peter PFNEISL, President of EURATEX- European Apparel and Textile Industry Confederation.

By signing the Memorandum both organizations commit themselves to create an improved environment to promote the expansion of trade and investment between the EU and Korea as well as to explore joint initiatives to nurture competitiveness, job creation, social inclusion and technological development. This improved dialogue will permit a better exchange of information and a closer monitoring and surveillance of the EU-Korea FTA particularly in what regards the sensitive issues of Derogation-Quotas on Rules of Origin and Duty Draw Back utilization.

In the official Memorandum signature ceremony, KOFOTI Chairman (Mr.) Hee-Chan Ro emphasised the synergies which could be created between EU and Korean Industries and all the cooperation possibilities in areas like Trade Development, R&D, Investment and Human Resources. Moreover the EU-Korea FTA would constitute the perfect framework to encourage this joint collaboration and create a better environment to develop the ties and projects between both industries.

EURATEX President, (Mr.) Peter Pfneisl stressed the fact that although this was not the first agreement reached with an organization not member of Euratex, it was undoubtedly one of the most ambitious in scope, having the widest implications as far as EU-Korea bilateral trade was concerned. This was also an excellent testimony of the dynamism of the T&C sector in both regions in spite of the financial and economic turmoil.

Both organizations recognised the importance of the EU-Korea FTA as a means to further develop trade between both regions stressing the importance of having a similar Agreement between Korea and Turkey in order to maximize the positive impact of this ambitious deal.

European Apparel and Textile Industry Confederation (EURATEX)

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