1.Korea and the EU agreed to formally sign the Korea-EU FTA in April 2010, reaffirming their 
commitments to the entry into force of the Agreement in 2010.

2.Furthermore, Korea and the EU agreed to make necessary modifications on the text of the Korea-EU 
FTA which was initialed on October 15, 2009, reflecting the entry into force of the Lisbon Treaty on 
December 1, 2009 and the change of the tariff reduction formula.

ο The terms “EC Party,” “European Community,” “Commission of the European Communities” and 
“Treaty establishing the European Community” are to be modified into “EU Party,” “European Union,” 
“European Commission” and “Treaty on the Functioning of the European Union” respectively.

ο The three-year-cut is completed within 36 months (i.e. full three years) and the five-year-cut is 
completed within 60 months (i.e. full five years). (According to the previously agreed tariff reduction 
formula, the three-year-cut is made through three equal annual cuts, thus completed within 24 months. 
The five-year-cut is made through five equal annual cuts, thus completed within 48 months.)

ο In case of automobiles with large and medium sized engines which are subject to the three-year-cut, 
it is agreed to apply the non-linear frontloading tariff cuts (30%-30%-20%-20%).

3.Korea and the EU agreed to hold a chief negotiators’ meeting in early March in Paris to prepare for the 
formal signing of the Korea-EU FTA.

* unofficial translation