EU, South Korea Trade Agreement Overcomes Final European Hurdle

The European Union overcame its final hurdle to a free-trade agreement with South Korea today when the EU Parliament endorsed the accord, which will expand a 70 billion-euro ($95 billion) commercial relationship.

The European Parliament in Strasbourg, France, voted in favor of the agreement that will make 99 percent of EU-South Korea commerce duty-free within five years. The 27-nation assembly gave its endorsement after reinforcing the possibility of “safeguard” measures to protect EU manufacturers, particularly carmakers, in the event of a surge in imports from Korea. The accord comes into force this July.