BRUSSELS Korea and the European Union on Wednesday inked a free trade pact and agreed to upgrade bilateral relations to a “strategic partnership.”
Under the free trade deal, Korea and the 27-member economic bloc will eliminate or phase out tariffs on almost all goods within three years after it comes into effect.
President Lee Myung-bak, EU Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso attended the signing ceremony before holding Korea-EU summit talks.
The deal, due to take effect next July, is expected to help speed up the stalled process to get the Korea-U.S. FTA ratified by their parliaments and to forge similar accords between Korea and China as well as Japan.
“Amid concerns of the rise of trade protectionism as the world overrides the economic crisis, I am confident the Korea-EU FTA would serve as an example of expanding free trade and promoting sustainable economic growth,” Lee said during a joint press conference after the Korea-EU summit.
“Our government will actively cooperate with the EU to allow the Korea-EU FTA to take effect by July 1 next year.”
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