01/10/2015 (Agence Europe) - Free trade agreement formally concluded. On Thursday 1 October, the Council of the EU adopted a decision concluding the free trade agreement between the EU and South Korea. The agreement was signed in October 2010 and has been applied provisionally since 1 July 2011. This formal conclusion follows ratification of the agreement by all the member states of the EU. The agreement provides for the progressive liberalisation of trade in goods and services, and covers non-tariff barriers. It includes rules on competition and state aid, intellectual property and public procurement, protocols on rules of origin and on customs cooperation, and arrangements on sustainable development. There is also provision for a (state to state) dispute settlement mechanism. A joint committee monitors implementation of the agreement. (EH)