EU hails entry into force of free-trade deal with South Korea

[pampango]

Source: Monsters and Critics

A new free trade agreement with South Korea is set to become 'a game-changer' for the European Union's trade relations with Asia, the bloc's trade commissioner Karel De Gucht said on Thursday.

De Gucht was hailing the entry into force on Friday of the EU-South Korea deal, through which the two sides have committed to scrap 98.7 per cent of duties within five years.

'This free trade agreement is the most ambitious trade deal ever concluded by the EU and should become a game-changer for our trade relations with Asia,' the commissioner said.

The EU is negotiating similarly far-reaching deals with other Asian nations such as Singapore and India.

Read more: http://www.monstersandcritics.com/news/business/news/article_1648530.php/EU-hails-entry-into-force-of-free-trade-deal-with-South-Korea

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The EU's deal with South Korea is their first with an Asian country. If they ever agree with India on one that would be even bigger.