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Ford Warns of Threat from EU Trade Pact with Korea
Ford Motor Co. says the EU should invoke the rules of its free trade agreement with South Korea to restrict the influx of Korean auto imports unless Seoul breaks down its barriers to European-made vehicles.
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Ford Motor Co. says the EU should invoke the rules of its free trade agreement with South Korea to restrict the influx of Korean auto imports unless Seoul breaks down its barriers to European-made vehicles.
Stephen Odell, chairman and CEO of Ford Europe, tells a manufacturing conference in the U.K. that Korea exported nearly 1 million vehicles to Europe in the three years ended in June 2012 about five times the number of European-made cars admitted to Korea. Odell contends that the "unbalanced" trade accord is exacerbating the problem of excess capacity in Europe amid shrinking sales.
He also urges the EU to suspend the free trade talks with Japan that began last month if that country doesn't deliver on its promise to dismantle non-tariff barriers to auto imports.
Separately, Odell says EU regulations add 6,000 (€7,000) to the cost of a new vehicle sold in the region.
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