Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-17-Speech-4-149-000"
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"en.20110217.18.4-149-000"2
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On 23 April 2007, the Council authorised the Commission to open negotiations with the Republic of Korea with a view to concluding a Free Trade Agreement (FTA) between the European Union (EU) and this country. The agreement was initialled on 15 October 2009. The bilateral safeguard clause incorporated into this agreement, which provides for the possibility of re-imposing the most-favoured-nation (MFN) rate when, as a result of trade liberalisation, imports increase to such an extent – in absolute terms or in relation to domestic production – and take place under such conditions as to cause, or threaten to cause, serious injury to the Union industry that produces similar or directly competing products, is very important for maintaining healthy competition that is not damaging to either party.
However, for practical effects to be achieved, the aforementioned safeguard clause must be incorporated into European Union legislation, since not only do the procedural aspects of the application of the safeguard measures need to be specified, but also the rights of the interested parties. The proposal for a regulation of the European Parliament and of the Council under consideration constitutes the legal instrument for implementing the safeguard clause in the EU-Korea FTA."@en1
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