[english.chosun.com] Sang-Yong Oh sent a news article.

This story was sent to you by Sang-Yong Oh . Korea-EU FTA 'Unlikely to Take Effect This Year' The complete article can be viewed at: http://english.chosun.com/site/data/html_dir/2010/09/16/2010091601094.html Visit the Chosun Ilbo at: http://english.chosun.com Kim Jong-hoon The Korea-EU free trade agreement will take effect later than expected, possibly after next year. The reason for the delay is opposition from Italy, one of the 27 members of the EU, which has opposed the deal due to fears of damaging its own auto industry. Korean Trade Minister Kim Jong-hoon told reporters on Wednesday approval was delayed after Italy voiced its opposition during an EU foreign affairs meeting on Friday and a general board meeting on Monday. "The EU summit on Thursday may lead to agreement on a political level, but the Korean and EU assemblies need to ratify it," Kim said. "So it seems unlikely that the Korea-EU FTA will take effect within this year." The two sides signed the deal in October, but the pact must be ratified by Korea's parliament, EU member states and the European Parliament. It needs to be ratified by November to take effect within this year. "The remaining 26 member states of the EU want the swift ratification," Kim s! aid. "We're going to continue negotiations with the EU executive committee." Italy is demanding that tariffs on mid-sized cars are scrapped later than the three-year deadline in the FTA and tariffs on compacts should be pushed beyond the five-year deadline to prolong the trade barriers against Korean cars entering the European market. "It looks like it could take some time for political decisions to be made in Italy, which has recently seen its political alliance crumble," Kim said. "Decisions on FTAs are within the jurisdiction of the EU executive committee, so we will not be making direct contact with Italy over the issue."