EU and South Korea sign free trade deal

EU Trade Commissioner Karel De Gucht, the Belgian Minister of Foreign Affairs Steven Vanackere representing the Presidency of the Council of the European Union (EU), and the Korean Minister for Trade Kim Jong-hoon today signed a Free Trade Agreement (FTA) between the EU and South Korea. This FTA is the most ambitious trade agreement ever negotiated by the EU and the first with an Asian country.

The FTA would fully liberalise basically all EU agricultural exports to South Korea and would provide the biggest market liberalisation for EU agricultural exports in years. Today only 2% of EU agricultural exports enter South Korea duty free. The FTA would fully liberalise nearly all EU agricultural exports (e.g., wine is duty-free from day one, whisk(e)y on year 3 and there would be valuable duty-free quotas for products like cheese from the entry into force of the agreement). Certain EU pork exports will have duty free access from year 5, whereas for the most sensitive
product (frozen pork belly) a 10 year transition period is envisaged.

http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/1292&format=HTML&aged=0&language=EN&guiLanguage=en

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EU and South Korea sign free trade deal

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