The EU-Korea Free Trade Agreement (FTA) was established in 2011, and it has significantly boosted trade between the European Union and South Korea. The FTA is a comprehensive trade agreement that is designed to eliminate tariffs and trade barriers between the EU and South Korea.

The agreement has opened up many opportunities for EU businesses to expand into the Korean market, providing a wide range of benefits for both sides. For example, the EU exporters can access new markets and a larger customer base, while Korean consumers benefit from an increase in goods at a lower cost.

Under the agreement, many products have had their tariffs reduced to zero, making them more competitive in the Korean market. This includes goods such as cars, machinery, chemicals, and textiles. Furthermore, EU businesses also have access to procurement contracts at the national level in Korea, which opens up another avenue for businesses to expand their operations.

In terms of the services industry, the FTA has also opened up many opportunities for EU companies to offer their services in Korea. This includes sectors such as transport, telecommunications, and financial services.

Overall, the EU-Korea FTA has provided a significant boost to trade between the two regions, with exports from the EU to South Korea increasing by more than 50% since the FTA was signed. This has led to increased economic growth and job creation in both regions.

However, there are still some challenges that need to be addressed. One of the main challenges is the non-tariff barriers that Korea enforces, such as regulations and standards, which can make it difficult for EU businesses to access the Korean market.

Nevertheless, the EU-Korea FTA remains highly beneficial, and offers many opportunities for businesses in both regions. With its important position in Asia, Korea is a valuable trading partner for the EU, and the FTA provides a solid foundation for further economic cooperation in the future.