Viewpoints
Korea-EU free trade deal benefits both sides
Oct. 29, 2012
The free trade agreement between Korea and the EU was signed on Oct. 15, 2009, and came into force on July 1, 2011. Under the FTA, the EU agreed to eliminate or phase out tariffs on 96 percent of goods, and Korea for 99 percent of goods, within three years. Within five years, 98.7 percent of imports would be tariff-free. Beside tariff reduction, the FTA brings reductions in non-tariff barriers to market access, including elimination of quotas, standardization of product specifications, agreement