As the EU's long-awaited free trade agreement with South Korea is becoming reality, EuroparlTV went to Seoul to learn more about the economy of this Asian Tiger.

Reporter: South Korean business

https://api.multimedia.europarl.europa.eu/documents/20125/15464288/M003-0118-EN.srt

The EU-South Korea  free trade agreement,

the most ambitious ever negotiated  by the EU, will enter into force in July.

We went to Seoul to discover more about  one of Asia's most viable economies

and find out why the country  is opening up to the world and Europe.

South Korea has witnessed one  of the fastest-ever economic growths.

As poor as Sudan in 1950, it has become  the 15th largest world economy.

The business district of Gangnam  is a symbol of this miracle.

It is home to the world's largest  electronics company, Samsung,

which has pride of place  in the Korean economy.

We went to the Samsung Economic  Research Institute to find out

why the EU-Korea FTA matters  to the fourth largest economy in Asia.

because if you look at the main driving  force of Korean economic development,

you can find that it is heavily  dependent upon exports to the world.

In 2010 export dependence  is 43 % of GDP,

which is the top  among the G20 countries.

We were not authorised to shoot  on Samsung or Hyundai premises.

It takes months of negotiation  to obtain permits.

Korean society has the reputation  of being an impenetrable fortress.

This young Korean does not agree.  - No. Absolutely not.

In some parts  we are still very conservative

over protecting our assets  and such things.

Koreans tend to prefer  Korean films, music and culture.

but they are really sticking  to Korean stuff.

In those kinds of things  it's still conservative,

Hyundai Capital, the financial arm  of Korea's largest car manufacturer,

Hyundai Motors is among  the companies that will benefit directly

from the Korea-EU  free trade agreement.

When the EU tariffs are gone,  the prices of cars will go down

At Hyundai Capital  we're offering auto financing,

so obviously we're also expecting  business expansion in the EU

The dramatic economic growth  has transformed Seoul

into a bustling megacity  of 10 million people.

It's also changing the society  at a fast pace.

Young people are taking a step back  from the obsession with productivity

and are eager to discover the world,  especially Europe.

For me personally it's very nostalgic.  I don't know if it's the right word.

It has a very traditional feeling,  but it's very leading in culture,

leading in politics  and leading in standards of living.

So for us it feels  like a very advanced country.

The extraordinary economic growth  that Korea has witnessed

was nicknamed  the Miracle of the Han River.

Now the next stage in this economic  history will take place here.

where the FTA will have to  be ratified in the coming months.

This will allow this landmark agreement  with Europe to enter into force in July.