FTA negotiations between Korea and the European Union, which have lasted over two years, reached a final agreement on Monday (July 13).

In a joint press conference following the Korea-Sweden summit in Stockholm, President Lee Myung-bak said both he and Swedish Prime Minister Fredrik Reinfeldt welcomed the final free trade agreement reached between Korea and the EU.

Lee also said the two leaders expected that the Korea-EU FTA signing process will proceed soon. Sweden currently holds the six-month rotating EU presidency.

The Swedish Prime Minister said that there had been significant progress in the bilateral FTA negotiations over the last week, and hoped that Sweden would be able to iron out differences of opinions among the EU members until the deal is finally signed.

Meanwhile, Korea''s Trade Minister Kim Jong-hoon and his Swedish counterpart Ewa Bjorling had a meeting and gave out a press communique detailing the final trade agreement between Korea and the EU, which is considered by many as the conclusion of the Korea-EU FTA deal.

Following the agreement reached on Monday, the two sides are said to begin legal review of the agreement right away and are expected to initial the document around September. The bilateral FTA is expected to take effect late this year or early next year, after the agreement is reviewed and ratified by 28 legislatures -- Korea and EU member countries.

The EU, having 27 member nations, is the world''s largest single economic bloc with a population of 500 million and a GDP of US$17 trillion. For Korea, the bloc is its second largest trading partner after China.

Regarding the agreement, President Lee said that the Korea-EU FTA will not only bring benefits to the two economies, but also send a strong message to the world against global protectionism.

The president also said earlier in the day through a radio address broadcast in Korea that the Korea-EU FTA will bring epoch-making changes to Korea''s trade.