Press Release: European exporters to benefit from Free Trade Agreement between EU and South Korea from 1 July

The EU-South Korea Free Trade Agreement (FTA), the EU's first trade deal with an Asian country, will apply as of 1 July 2011. It is unprecedented in terms of the scope and speed of tariff liberalisation and breaks new ground in tackling significant non-tariff barriers across all sectors, including automotive, pharmaceutical and consumer electronics.

South Korea and the EU will eliminate 98.7% of duties in trade value within 5 years from the entry into force of the FTA. By the end of the transitional periods, import tariffs will be eliminated on all industrial products, and most agricultural products, with a few exceptions, such as rice.

• Primary Source

ESO: Background Information: EU Commission welcomes European Parliament backing for free trade deal with South Korea http://www.europeansources.info/record/press-release-eu-commission-welcomes-european-parliament-backing-for-free-trade-deal-with-south-korea/

United Kingdom: FCO: News, 20.7.11: UK companies to benefit from EU – Korea Free Trade Agreement http://www.fco.gov.uk/en/news/latest-news/?view=News&id=633131382

---