President Lee Myung-bak wrapped up his 8-day visit to Europe and returned home on Tuesday, July 14.
The President visited Poland, Italy and Sweden respectively. His trip is highlighted by the attendance of the extended G8 Summit in L’Aquila, Italy and the announcement of the conclusion of the Korea-EU Free Trade Agreement.
At the extended G8 Summit, President Lee proposed forming a working group for the 17-member Major Economies Forum which seeks to halve global emissions of greenhouse gases by 2050. U.S. President Barack Obama, chairman of the Forum, accepted the proposal adding that simply agreeing on mere principles between developing and developed countries is not enough to overcome climate change. However the target of reducing global emissions by 50 percent failed due to China and India’s rejection. Members of the Forum agreed to make efforts to reach an agreement at the United Nations conference on climate change in Copenhagen this coming December. Korea was also chosen as the lead country for smart grid technology, one of seven major technologies to deal with climate change at the Forum.
President Lee Myung-bak attending the extended G8 Summit
The President also held a series of summit talks and discussed economic cooperation and international support in resolving the North Korean nuclear issue at the extended G8 Summit.
In his meeting with Russian President Dmitry Medvedev on July 9, the two leaders agreed to closely cooperate with other members of the Six-party Talks to bring Pyongyang back to dialogue to discuss denuclearization of the Korean peninsula. President Lee and his counterpart positively noted joint economic cooperation projects, such as sending Russian natural gas to Korea and agreed to further expand cooperation and exchange ahead of the 20th anniversary of the establishment of diplomatic ties next year.
On July 10, President Leemet Italian Prime Minister Berlusconi and shared his desire to finalize the free trade negotiation between Korea and the EU. Through the Korea-EU FTA, Italian medical supplies, machinery and luxury brandswill be more competitive in Korea, President Lee was quoted as saying, according to Cheong Wa Dae spokeswoman. The Italian leader said he also agreed with President Lee’s principle of free trade, expressing his support for the need of an FTA.
In Sweden, his last stop before returning home, President Lee Myung-bak met with Swedish Prime Minister Fredrik Reinfeldt and announced the conclusion of the Korea-EU FTA at a joint press conference following the summit talks on July 13. The Swedish Prime Minister said there had been significant progress in bilateral FTA negotiations over the last week and hoped that Sweden will be able to iron out differences in opinions among the EU members until the deal is finally signed. Sweden currently holds the 6-month rotating EU presidency.
Following the agreement, the two sides are to begin legal review of the agreement right away and expected to initial the document around September. The bilateral FTA is expected to take effect early next year, after the agreement is reviewed and ratified by legislatures in Koreaand the EU.
Regarding the agreement, President Lee said that the Korea-EU FTA will not only bring benefits to the two economies, but also send a strong message to the world against protectionism.
