With Belgium currently holding the Presidency of the Council of the European Union, the Belgian Minister of Foreign Affairs, Steven Vanackere announced on Thursday that the EU had agreed to sign a free trade deal with South Korea.

Mr. Vanackere called the agreement a "big step" towards opening markets in Asia.

[Steven Vanackere, Belgian Minister of Foreign Affairs]:
"This is the first of a generation of bilateral trade agreements that will bind Europe and Asia together, in an ever closer economic band."

Italy first blocked the agreement—fearing it would have a negative effect on the Italian car industry—and then eventually dropped its veto. The treaty will be signed in October, but won't go into effect until July 2011.

[Steven Vanackere, Belgian Minister of Foreign Affairs]:
"It is true that this decision has been reached after intense negotiations. We have reached a compromise, and we will apply the agreement on a provisional basis as of the first of July next year."

Mr. Vanackere said these kinds of trade agreements will contribute to economic recovery, and create jobs both in South Korea and in Europe. He called it the most ambitious EU agreement ever.

[Steven Vanackere, Belgian Minister of Foreign Affairs]:
"The trade of goods exchanged between South Korea and the EU will be freed up in almost 97 to 98% of the goods that are exchanged today."

South Korea is the eighth-largest trading partner of the European Union, while the EU is South Korea's second-largest destination for exports.

[Herman Van Rompuy, President of the European Council]:
"This is the beginning of a process. This European Council is the first in a row dedicated to Foreign Policy."

To strengthen ties with its strategic partners, the European Union will hold important international meetings in November, such as the G20 summit in Seoul and the EU--US summit in Lisbon.

NTD News, Brussels