EU Trade Pact with South Korea Near

A 100 billion dollar trade pact between the EU and South Korea will be in place before the Swedish EU Presidency is over at the end of the year, Prime Minister Fredrik Reinfeldt told reporters at a press conference in Stockholm on Monday.

The South Korean president Lee Myung-Bak has spent three days in Sweden, which currently holds the EU presidency. South Korea and the EU began negotiating an agreement to lower barriers to trade and investment in May 2007. If an agreement is reached, it would be the EU's first such pact in Asia, according to news agency Reuters. The EU is currently South Korea's second largest export market after China, and South Korea is the EU's forth largest trade partner outside Europe.