韩国与欧盟的自由贸易协定生效

"Wine is the most civilized thing in the world." American author Ernest Hemingway once said.

This wine club in Seoul would agree, but the high cost of imported tipple in South Korea means it's a taste reserved for the more affluent. But that could change Friday in the Free Trade Agreement between Korea and the European Union goes into effect—a 15% tariff on wine from the EU will be lifted. Customers are hoping the entire saving is passed on.

It's gonna be a great news to all the Korean wine lovers. And maybe, I mean, it will take away some of the sales from the Korean traditional wine.

After Chile signed an FTA in 2004, sales of Chilean wine in Korea soared, overtaking France as the number one seller by volume. Politicians on both sides are hailing this deal as the perfect model for any other agreements in the future.

Korean automakers are set to benefit. The EU's tariffs on imported autos range from 10 to 22 percent. Korea's Institute for International Economic Policy estimates the country's GDP will increase by up to 5.6% over the next 10 years and more than 250,000 jobs will be created. Exports most notably for auto and electronic goods are expected to jump by $2.5 billion a year.

Korean farmers though, will suffer according to the same report, with an average annual loss for the agriculture sector of $31 million.

A protest Wednesday reminded politicians that not everyone appreciates these deals. Farmers want the US-Korea FTA to be scrapped for fear cheaper US imports will jeopardize their livelihoods. That deal is awaiting parliamentary approval on both sides of the Pacific. And it is not moving quickly enough for some.

I'm concerned about the disadvantage that American businesses will be at if there is a Korea-EU Free Trade Agreement. And we are too slow in ratifying and implementing the Korea-US Free Trade Agreement.

From July 1st, companies here will have better access to around 500 million consumers, one of the biggest markets in the world. And as this is the first FTA that the EU has signed with any Asian country, South Korea will have the competitive edge.

Paula Hancocks, cnn, Seoul