The EU-Korea FTA was provisionally applied on July 1, 2011, and formally entered into force on July 1, 2015. This FTA is the most ambitious FTA ever implemented by the EU, and it is the first such agreement concluded by the EU with an Asian country. The EU-Korea FTA is part of a new generation of FTAs, characterised by its comprehensive nature and high level of ambition. It includes provisions on the liberalisation of trade in goods, services and investment, liberalisation of government procurement markets, protection of intellectual property rights and promotion of competition. It also includes a chapter on trade and sustainable development, as well as establishing a comprehensive institutional framework consisting of several committees and working groups tasked with implementing the FTA.
As of 2015, the FTA had increased EU exports to Korea by 55 percent, from 30.6 billion EUR to 47.3 billion EUR. As a result, the EU went from a 11.5 billion EUR trade deficit in goods in 2010 to a 6 billion EUR trade surplus in goods in 2015.