EU-Korea FTA set to be signed

The long awaited EU-Korea Free Trade Agreement looks finally set to be signed off in early October. This agreement will give solicitors and other EU law firms the right to establish offices in Korea opening up an important market. South Korea is the world's tenth largest economy with important industrial, technology and shipbuilding interests as well as important investments in the UK. Although the country's economy has followed the west into downturn, the long term prospects for this market are very positive.

Developing new opportunities has been a long term activity for the Law Society of England and Wales which has been working on market opening in Korea for five years. Even though the current economic situation is not going to inspire a lot of firms to open new offices in Korea, those who have relevant sectoral and client interests can now plan to work there and in collaboration with Korean lawyers on an much more flexible basis.

Over the past few years the Law Society has developed a close relationship with the Korean Bar Association; working with them to help prepare their members for market opening. The Presidents of the Korean Bar Association and Law Society of England and Wales are set to sign a Friendship Agreement between their two associations on 30 September in London. This agreement will provide a framework for future cooperation and exchanges between the two organisations. It will also encourage the development of closer relationship between lawyers from both the UK and South Korea; relationships which are key to the development of business opportunities for both sides as the legal services market opens.