South Korea, EU Sign Landmark Trade Agreement

A landmark free-trade agreement recently signed between the European Union and South Korea is expected to boost economic growth, create jobs, and double bilateral trade in the long term, reports the Wall Street Journal.


South Korean President Lee Myung-Bak says the agreement would improve the country's competitiveness in the market for dairy produce. He adds that FTA will lead to GDP growth of more than 5% each year.


The Journal quotes European Commission President José Manuel Barroso as saying the "agreement is by far the most important trade deal ever concluded by the European Union with one country."


The agreement will come into effect on July 1, 2011, notes the Journal.





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