30/06/2011 (Agence Europe) - Free-trade with South Korea now effective. The most ambitious trade agreement ever negotiated bilaterally by the EU enters into force this Friday 1st July. Starting from today, the EU and South Korea will gradually remove, over a period of five years, 98.7% of customs duty they impose upon the arrival onto their territory of the agricultural and manufactured products of the other party. At the end of the transition period, import tariffs will be removed from all industrial products and most agricultural products, with the exception of rice. The agreement also provides for non-tariff barriers to be broken down, and also covers services, investment, public procurement, intellectual property, working regulations and environmental issues. “We will slash import duties so European exporters will save €850 million in the first year alone. This figure should double once all duties will be eliminated”, said Trade Commissioner Karel De Gucht on Thursday. (E.H./transl.fl)