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This month WPG has been paying close attention to Free Trade Agreements (FTA). Our last blog, an interview with an international trade specialist with US Commercial Services, enumerates benefits and reasons of taking advantage of FTAs. This time, we list 5 specific agreements that we think are worth your attention if you are doing business in or considering entering the following markets: South Korea, EU, Mexico, South Africa, Japan, Colombia, or Peru.
South Korea - EU
The EU – Korea Free Trade Agreements is the first of a new generation of free trade agreements that went further than ever before at lifting trade barriers and increasing ease of access for both European and Korean companies looking to do business together. Most notably, thus far it has resulted in an EU trade surplus with Korea for the first time in 15 years. In addition to eliminating duties on nearly all trade in goods, the agreement also addresses non-tariff barriers to trade.
Mexico – EU
Mexico was the first Latin American country to sign a partnership agreement with the EU. The Agreement, which entered into force in 2000, has considerably strengthened bilateral relations between the EU and Mexico. To date, the Free Trade Area has enshrined bilateral trade relations in a preferential framework and has helped to enhance bilateral economic ties. Mexico currently also enjoys trade preferences with the EU under the Generalized Scheme of Preferences (GSP*).
South Africa – EU
South Africa is the EU’s largest trading partner in Africa. The trade, development and Co-operation Agreement (TDCA), in force since 2000, established a free trade area that covers 90% of bilateral trade between the EU and South Africa. Since then, trade in goods between the two partners has increased by more than 120%; foreign Direct Investment has also grown five-fold. This goes to show that EU-South Africa trade is more than simply day-to-day trade and that the trade ties are both solid and dynamic.
Japan – EU
The EU and Japan launched negotiations in April 2013 and have held so far 8 rounds of talks. Japan is the EU’s largest Asian trading partner after China and together the EU and Japan hold more than a third of the world’s GDP. The European Commission estimates that a successful FTA with Japan could increase EU exports to Japan by almost 30% and create 420,000 much needed jobs. Japan would increase its GDP by an estimated 0.7% and exports to Europe would grow by 24%.
Colombia & Peru (Andean communities) – EU
Though still in the process of implementation, this FTA is expected to result in total tariff saving of more than €500 million per year. Part of the benefits are: 1. better conditions for trade through new disciplines on non-tariff barriers, competition, transparency and intellectual property rights; 2. a more stable and predictable environment for economic operators with a mediation mechanism for non-tariff barriers and a bilateral dispute settlement mechanism. This will no doubt accelerate the conversation with the other 2 Andean countries to enter into this partnership.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| PCM283220E bearing | 28 | 32 | 20 |
| PCM252850E bearing | 25 | 28 | 50 |