Page "Foreign relations of South Korea" Paragraph 40

The European Union ( EU ) and South Korea are important trading partners, having negotiated a free trade agreement for many years since South Korea was designated as a priority FTA partner in 2006.

The free trade agreement has been approved in September 2010, following Italy's conditional withdrawal of its veto of the free trade agreement.

The compromise made by Italy was that free trade agreement would take provisional effect on July 1, 2011.

South Korea is the EU's eighth largest trade partner, and the EU has become South Korea's second largest export destination.

EU trade with South Korea exceeded € 65 billion in 2008 and has enjoyed an annual average growth rate of 7. 5 % between 2004 and 2008.