According the Industry Week, a free trade agreement was signed on Oct. 15 in Brussels. This is the first between the world's largest single trading region and an Asian nation. Both parties will phase out tariffs on 96 percent of EU goods and 99 percent of S. Korea goods within three years.
The Ministry of Knowledge Economy said exports of Korean cars, ships and home appliances would get a boost although agriculture would suffer. "The EU is the most attractive market for us, which brings us the largest trade surplus," the ministry said.
This is very good news for South Koreans. The new agreement will raise the standard of living, enable more consumer product choices and cut living costs.
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