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The (EU) and South Korea are important trading partners, having negotiated a for many years since South Korea was designated as a priority FTA partner in 2006. The free trade agreement was approved in September 2010, and took effect on July 1, 2011. South Korea is the EU's eighth largest trade partner, and the EU has become South Korea's second largest export destination. EU trade with South Korea exceeded €65 billion in 2008 and has enjoyed an annual average growth rate of 7.5% between 2004 and 2008.
The EU has been the single largest foreign investor in South Korea since 1962, and accounted for almost 45% of all FDI inflows into Korea in 2006. Nevertheless, EU companies have significant problems accessing and operating in the South Korean market because of stringent standards and testing requirements for products and services often creating barriers to trade. Both in its regular bilateral contacts with South Korea and through its FTA with Korea, the EU is seeking to improve this situation.
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South Korea
RandomSouth Korea (About this sound listen) or Korea, officially the Republic of Korea (ROK; About this sound listen), is a sovereign state in East Asia, constituting the southern part of the Korean Peninsula. Officially, its territory consists of the who...
