01 Jul '11, 10am

Landmark @EU-South Korea trade deal takes effect (@stcom)-

Landmark @EU-South Korea trade deal takes effect (@stcom)-

On the eve of its implementation, the EU's ambassador in Seoul Tomasz Kozlowski told journalists that the FTA was a 'win-win' agreement and would be a model for other deals that the bloc is negotiating in the region. -- PHOTO: AP SEOUL - A FREE trade pact between the European Union and South Korea, the first such deal linking Asia and the world's largest economic bloc, came into effect on Friday, bringing with it sweeping changes. The deal will eventually do away with 98.7 per cent of duties and is expected to boost trade by tens of billions of euros a year, slash more than two billion euros in tariffs annually and create an estimated 250,000 jobs in South Korea. The Wall Street Journal quoted EU trade commissioner Karel De Gucht as describing the pact as 'the most ambitious trade deal ever concluded by the EU and should become a game-changer for our trade relations with A...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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