Europe has agreed a vast free trade deal with South Korea, hailing it as the first in a chain of bilateral pacts with Asian nations that will bind the continents together.
The European Union's first trade pact with an Asian country was approved on Thursday at a one-day EU summit in Brussels after Italy dropped its objections over fears about the impact on its vital auto industry.
Belgian Foreign Minister Steven Vanackere, whose country holds the European Union's rotating presidency, called the deal the "most ambitious agreement ever" for the 27-nation bloc.
"This is the first of a generation of bilateral trade agreements that will bind Europe and Asia together in an ever closer economic bond," Vanackere told reporters after foreign ministers agreed the deal.
"It is a very big step in opening markets in Asia for our companies," he said.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
The deal will be formally signed at an EU-South Korea summit in Brussels on October 6, but it must also be ratified by the European parliament.
The deal requires the 27-nation EU and South Korea to eliminate 98.7 per cent of duties for both industry and agriculture within five years and to eliminate remaining tariffs almost fully over longer periods.
Two-way trade last year between the EU and South Korea was worth some $US79 billion ($A84.21 billion).
