EU – Baltic States, Latvia, Legislation, Markets and Companies

The agreement stipulates that, in compliance with the World Trade Organization's (WTO) standards, a free trade area between the EU and South Korea will be established in regard to trade of goods and services, and business activities, writes LETA.

Currently, trade relations between the EU and South Korea are based on multilateral agreement legislation, and both sides cannot enjoy several advantages of mutual trade, compared to other WTO countries.

The agreement will even out tariff and non-tariff barriers, improving competitiveness of European and Latvian exporters not only on South Korean, but also on other Asian markets. It will also facilitate development of bilateral business contacts, and reduce prices of Korean products and technology on the European market.