ECU 12.6 bn. On 23 July 1998 Taiwan and the EU reached an agreement on market access. This deal, which will be signed after the 15 EU Member States endorse the draft, guarantees a higher level of access for European goods to the Taiwanese market. Customs duties on EU cars, lorries, buses and spirits will be gradually lowered. The European Union and its Member States have never recognized Taiwan.
Relations are limited to discussions on bilateral trade and commercial issues.
The Republic of Korea The Republic of Korea is also an important trading partner of the EU and the development of two-way trade largely follows the trend of trade relations with Taiwan. The EU is Korea's second largest trade partner with bilateral trade reaching ECU 27.4 billion in 1997. The EU and Korea signed their first general agreement on 28 October 1996. The agreement covers market access and trade-related matters. It contains arrangements for increased political dialogue, basic provisions on economic cooperation in several fields, and a standard human rights clause.