Following a request by the ALDE Group, a public debate was held last night in the European Parliament in Strasbourg on the EU - South Korea free trade agreement which requires Parliament's consent.  ALDE has some doubts whether the agreement would safeguard European economic interests.

Michael Theurer (FDP Germany), shadow rapporteur for ALDE on this issue commented: "Free Trade Agreements can boost world economic growth, but we need to take into account the risks and advantages. The agreement with South Korea comes at a time of great economic crisis and we have to ensure that it does not hit European industrial sectors, for instance the automobile industry which is already under its pressure. A more cautious approach is therefore called for.

"ALDE will evaluate carefully the content of the agreement, especially if it grants real advantages to European industry, before approving it and we hope Member States will do the same. We are still waiting for the impact assessment requested from the Commission on the effects of duty draw back on individual sectors, i.e. which gives to the Korean industry a cost advantage." 

Niccolo RINALDI (IdV, Italy), Member of the Committee for International Trade, added: " This agreement leaves us in two minds. The negotiations lacked transparency. In theory Liberals and Democrats are in favour of free trade but there exist good, less good and quite frankly, bad agreements.  The Treaty of Lisbon confers on the European Parliament the prerogative to approve or not this agreement. We will carefully weigh its advantages and its disadvantages, as well as the various safeguard procedures. The Commission would be well advised to correct the harmful distortions in the interest of Europeans".

In this context, ALDE is pleased with the commitments by Trade Commissioner, Karel de Gucht to associate Parliament in the preparation of the future mandates for trade agreements in order to take into account parliament's view better than was the case with this agreement.