Free Trade Deal Set To Benefit South Korean Carmakers

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The world's second biggest free trade deal, signed between the European Union and South Korea in Brussels, should give South Korea's auto industry a substantial boost, to the indignation of European carmakers. According to Bloomberg, the trade pact, which still needs the approval of EU governments and the South Korean parliament, would scrap duties on 99% of trade within five years, including the EU's 10% tariff on Korean cars and an 8% duty on European cars.