EU, South Korea FTA to Address Nontariff Barriers

The European Union said on June 29, 2011 that its free trade agreement with South Korea will be a game changer for its trade relations with Asia and will tackle nontariff barriers across automotive, pharmaceutical, consumer electronics and other markets.

The agreement, which marks the EU's first trade deal with an Asian country, is set to apply as of July 1 and will take full effect once all EU member states have ratified the agreement according to their own laws and procedures.