Disarmament in times of trade wars

The free trade agreement between the EU and South Korea foresees an end to customs duties and other trade barriers within five years for industrial and agricultural products. The conservative daily Frankfurter Allgemeine Zeitung is full of praise: "While the armour is being donned here and there for currency and trade wars and the danger of protectionism is no longer all that abstract, the European Union and South Korea are launching a counter initiative. Even if not all sectors are hailing the move, the Europeans will expand their trade with this Asian industrial country. In practice the agreement will also affect trade policy with other countries: Japan - which let's not forget is the world's third largest economy - has no intention of being left behind (or put at a disadvantage) and also wants to conclude a free trade agreement with the EU. Purists may look down their noses, but considering the lack of a global trade agreement every liberalisation is welcome. Especially if it fosters the European-Asian connection."

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