EU-Korea free trade negotiations conclude
The European Union and South Korea have reached the end of free trade negotiations. The forthcoming free trade agreement is expected to deliver about $100 billion more in bilateral trade between the two economies.
President Lee Myung-bak and Swedish Prime Minister Fredrik Reinfeldt announced that the two-year negotiation period had ended and the official process to seal the deal would begin with a tentative signing scheduled for September and the official signing early next year.
“Fortunately, we were able to seal the Korea-EU free trade agreement, which has been protracted due to opposition from some countries,” Lee said. “When the Korea-EU FTA is implemented, the impact on Korea’s trade will be significant because the agreement will liberalise trade with each and every member of the EU.”
The deal is expected to include the removal of duties on 99 percent of EU’s imports, and 96 percent of Korea’s imports over three years.