Agriculture, motor vehicles' sectors benefit most from trade agreements: report

Source: Xinhua| 2017-11-10 03:09:58|Editor: yan
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BRUSSELS, Nov. 9 (Xinhua) -- The European Union agricultural and motor vehicles' sectors benefit the very most from the bloc's trade agreements, said an EU official report issued on Thursday.

The report, which assesses the implementation of its existing trade agreements, is the first of its kind and sheds light on what happens after trade agreements are negotiated and have entered into force.

According to the report, exports of cars to South Korea have increased by 244 percent since 2011. As for the exports of EU agricultural goods to Colombia and Peru, there was a 92 percent and 73 percent increase respectively.

"The report published today confirms that our trade agreements are a boost for the European economy: they have meant significant increases in exports, benefiting EU firms and their employees," the commissioner for trade Cecilia Malmstrom said.

For instance, since the trade agreement with Mexico was put in place in the year 2000, EU exports have grown by 416 percent. For Chile (2003) and South Korea (2011), exports are up by 170 percent and 59 percent respectively, the commissioner added.

She noted that the EU is going to further lower customs tariffs for EU businesses when negotiating new trade agreements.