Almost a year after the world’s biggest economy, the European Union, initialled a free trade agreement (FTA) with Asian heavyweight South Korea, the process of getting approval for the deal remains stalled. A hoped-for green light from the European Council, which comprises 27 member-states, was not forthcoming on Friday, as EU trade ministers met to try and break the deadlock.
However, officials said approval for the deal was “very close” and might be reached by Monday. Italy has emerged as the most vocal FTA opponent and has been demanding a delay in implementation to give its car sector more time to prepare for the stiffer competition.
Earlier in the month, the European Parliament postponed a decision over the deal after it was unable to agree on the level of safeguards for the automotive sector, in the event of “serious injury” to EU car makers from a surge in Korean exports.
For more: EU-Korea FTA remains stalled
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