Korea and the EU to sign FTA

South Korea and the European Union have declared a new free trade agreement, the result of two years of negotiation.

 

The deal will scrap all tariffs in the next five to seven years, and tariffs will begin falling in the first half of next year.

 

 

In three years’ time, 96% of European products and 99% of Korean products will be tariff-free.

 

 

The deal will be signed in February 2010.