Memo: EU-Korea Free Trade Agreement: 10 key benefits for the European Union

The Foreign Affairs Council has authorised the signature of the EU-Korea Free Trade Agreement which is a key step towards the provisional application of the deal on 1 July 2011. This agreement is the most ambitious trade agreement ever negotiated by the EU. It breaks new ground in delivering market access for European companies as well as in the way regulatory issues are addressed. The European Commission expects it to double European Union trade with Korea in medium term and to hence boost jobs and growth. The FTA is the EU's first deal with an Asian partner. It is a signal that the EU is open for business.