European Parliament Approves EU - Korea Free Trade Agreement

At the same time, the European Parliament also passed a protection clause reached by the European Union Council, calling for the resumption of tariffs and investigations in the rapid growth of import of motor vehicles, electronics and textiles in order to protect European industries.

The free trade agreement will come into effect on July 2011 when approved by the European Parliament.

The EU and the ROK held talks for 30 months before signing bilateral freedoms in Brussels in October 2010.

The European Parliament said it was "the most ambitious agreement reached by the European Union in terms of trade so far", which will double the volume of trade between the EU and South Korea in the medium term.

Under the agreement, South Korea will cut tariffs on imports of automobiles, clothing and textiles in Europe, and will protect intellectual property rights for European brands.

The two sides will also eliminate trade barriers to processed products, public electronics, agricultural products and services.

EU Trade Commissioner Degut believes that the free trade agreement will not only benefit European exporters to enter the Korean market, but also the EU's determination to continue to search for major Asian economies.