EU, Korea Clear Way For Major Free-Trade Pact

Law360, New York (September 16, 2010, 5:39 PM EDT) -- Having secured the blessing of Italy, which had worried about its automobiles sector, the European Union on Wednesday said it was set to enter into a multibillion-dollar free-trade pact with South Korea, the continent's first with an Asian country, that will end almost all duties between the economic powerhouses.

The agreement, which will be signed Oct. 6 in Brussels and will take effect in July 2011, requires the partners to eliminate 98.7 percent of trade duties in industry and agriculture within five years and eliminate other...
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