b'3.1.1.2. Case Study: South KoreaThe EU tariff on importsfrom South Korean cars was 10%before the implementation ofSouth Korea is anotherthe agreement; it is now 3.3% for small cars country which successfullyand 0% for larger models. trades with the EU50 billion in 2017.10 A99% of the EUs average tariffs (8.2%) on comprehensive free trade agreementSouth Korean textiles were immediately between the EU and South Korea waseliminated when the agreement came into provisionally applied in July 2011 andeffect, with the remainder being removed formally ratified in December 2015.11 Itover the next few years. eliminated all tariffs on industrial goods and agricultural goods in a progressive, step-by-Similar provisions are in place for major step approach. The majority of import dutiesmanufactured goods, including appliances had been removed in 2011. The remainingand pharmaceutical products.Most EU tariffs oneswith exception of a limited number ofon South Korean glass, leather, fur products, agricultural productswere removed after 5footwear, iron and steel products,and optical years on 1 July 2016.12 instruments, were also eliminated.Table 37South Korea: EU tariffs on cars and textiles CategoryAverage tariff rate pre-tradeAverage tariff rate in 2015 agreement in 2011 South Korean cars10.0%Small carsMedium/large cars 3.3%0% South Korean textiles8.2%0%Source: Hlasny, Vladmir. Korea-EU FTA OneYear On and European Commission TARIC DatabaseThe EU-South Korea agreement is alsoin part to the agreement, South Koreas GDP notable for its comprehensive removal ofis projected to grow by at least 2.6% during non-tariff barriers. This covers technicaleach year of the next five.15barriers, customs administration and trade facilitation, rules of origin, competition law,South Koreas Trade Agreement with the EU, and transparency.like that for Mexico, is another example of geographically distant countries entering into In 2017, the total trade in goods totalledbilateral trade agreements (FTAs) with the EU around 100 billion.13 In the fourth quarterand benefiting from enhanced andmostlyof 2018, overall foreign direct investment intariff-free trade.South Korea increased by $7.7 billion.14 Due 71'