EU Approves South Korea FTA, Set to Take Effect in July 2011
The European Union reports that its Foreign Affairs Council has adopted a decision giving the go-ahead for an agreement with South Korea on free trade. The FTA is expected to be signed at the EU-South Korea summit in Brussels on October 6 and provisionally to enter into force on July 1, 2011.
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The agreement requires the two parties to eliminate 98.7% of duties in trade value for both industry and agriculture within five years, and to eliminate remaining tariffs almost fully over longer periods. This agreement is expected to double the EU's trade with Korea in medium term and to boost jobs and growth, and is the EU's first FTA with an Asian partner. More details and online copy of FTA available here. Press release on benefits to EU available here.