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대외경제정책연구원 [KIEP] World Economy Brief World Economy Brief 제22권 제27호
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2022.7
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Last year marked the tenth anniversary of the Free Trade Agreement (FTA) between the European Union (EU) and Korea, which entered into force in 2011- The EU is the world's largest economy and Korea's third largest trade partner, only after China and the United States- Back when the FTA nego-tiations began in 2007, the EU was Korea's second largest export destination, from which Korea enjoyed the largest surplus- Al-so, more than 35 per cent of Korea's foreign direct investment came from the member states of the EU- Korea is also a major econ-omy and a major trade partner of the EU, especially in Asia- The FTA with Korea was the first case of the EU's “next generation” FTAs, and is considered to have served as a benchmark for the EU's bilateral trade agreements thereafter (Kang 2016)- As for Korea, it was the first FTA with a major economy, even before the US, its traditional ally, and China, its closest neighbor- Because of its importance, the Korea-EU FTA has received attention from economics and trade policy- KIEP also took a look at the first decade of its implementation last year (Joe et al- 2021)- This Brief introduces some of the findings in Joe et al- (2021), fo-cusing on the impact of the FTA on the bi-lateral economic relationship between the two sides-

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