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| Version 0 | Version 1 |
|---|---|
| EU and South Korea in trade deal | EU and South Korea in trade deal |
| (20 minutes later) | |
| The European Union and South Korea have signed a trade deal that could be worth up to 19bn euros ($28bn; £17bn) to European exporters. | The European Union and South Korea have signed a trade deal that could be worth up to 19bn euros ($28bn; £17bn) to European exporters. |
| The deal would remove most of the trade tariffs between the two partners. | The deal would remove most of the trade tariffs between the two partners. |
| It would "create opportunities for European companies in services, manufacturing and agriculture," said EU Trade Commissioner Catherine Ashton. | It would "create opportunities for European companies in services, manufacturing and agriculture," said EU Trade Commissioner Catherine Ashton. |
| The EU said it was "the most important free trade agreement ever negotiated [with] a third country". | |
| 'Substantial commitments' | |
| Ms Ashton said: "This is the first 21st century free trade agreement for the EU, creating deep economic ties with another developed economy." | |
| She added that the deal would help fight the economic downturn and create new jobs. | |
| The deal would see the removal of 1.6bn euros of duties for exporters to Korea. | |
| The EU said telecommunications, environmental, legal, financial and shipping companies would see some of the greatest benefits, with Korea making "substantial commitments" to liberalise these sectors. | |
| The agreement is expected to come into force in the second half of next year, once it has been ratified by the European Parliament. | The agreement is expected to come into force in the second half of next year, once it has been ratified by the European Parliament. |
| Trade between the EU and Korea was worth about 65bn euros in 2008. |