EU-South Korea Will Cut 99% Of Tariffs By 2016

Law360, New York (October 6, 2010, 4:53 PM EDT) -- The European Union and South Korea have signed a free trade agreement that EU leaders are calling the most ambitious of its kind ever negotiated by the coalition.

The agreement, which was signed Wednesday in Brussels, will eliminate nearly 99 percent of all duties on industrial and agricultural products within five years, according to the European Commission.

Specifically, the deal will wipe out €1.6 billion ($2.2 billion) in Korean duties paid annually by EU exporters and €1.1 billion in EU duties paid by Korean exporters, the...
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