S. Korea-EU FTA to take effect on July 1, 2011

The bilateral free trade deal between South Korea and the European Union (EU) will take effect on July 1, 2011 as the 27 EU members approved the pact, South Korean media reported Thursday.

Trade ministers from the 27-member union, who met in Brussels, agreed to have the trade pact to take effect on July 1 next year according to negotiations between the two sides.

While South Korean cabinet approved the agreement, it has not been accepted by all of the EU members, with some members claiming to postpone the date to Jan. 1, 2012.

As a result of the decision, the two sides are expected to sign the pact in early October, and the pact will have to go through ratification process in both South Korean parliament and the European Parliament.

In September 2009, the two sides initialed the free trade deal, seeking to finalize the deal in 2010.

Source:Xinhua