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The Korea-EU FTA: Capitalizing on the World's Largest Market
Beginning of article
Keywords
Koera-EU FTA, tariff refund, import diversification, rules of origin, non-tariff barriers
THE SIGNIFICANCE OF THE FTA FOR BOTH SIDES
The Korea-EU free trade agreement (FTA) finally goes into effect on July 1, 2011, culminating a two-year confirmation process that included lengthy negotiations in 2009, presidential signatures in 2010, and parliamentary ratification by both sides in the first half of this year. For Korea, an FTA with the EU will provide wider access to the world's largest economic bloc, which accounts for 30 percent of the world's economy. Korean companies will soon be able to reach 500 million affluent consumers on favorable terms, and …
