U.S.-Korea FTA Business Coalition:
On October 15, Korean Trade Minister Kim Jong-hoon and European Union Trade Commissioner Catherine Ashton initialed the EU-Korea Free Trade Agreement, formally concluding FTA negotiations.
A summary of the provisions of the EU-Korea FTA is available here.
Under the FTA, Korea agreed to eliminate €1.6 billion (about $2.4 billion) worth of Korean import duties annually for EU exporters of industrial and agricultural products, and the EU agreed to eliminate around €1.1 billion (about $1.6 billion) of duties on Korean imports. The EU has estimated that the agreement, which will eliminate tariff and non-tariff barriers to trade between Korea and the EU, could be worth up to €19 billion (about $28 billion) in new trade for EU exporters. Click here for the EU's statement on the agreement.
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