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This study is a qualitative analysis of a potential free trade agreement between the EU and South Korea conducted from January to April 2007, under a contract from the Directorate General for Trade of the European Commission. The study aims to provide a basis for the negotiations that started in May 2007 between the EU and South Korea. As such, it is an in-depth examination of the extent to which EU exporters face non-tariff barriers to trade with Korea. The study offers a potential scenario for efficiently tackling the non-tariff barriers and liberalising services and investment, first by analysing horizontal issues, e.g. dispute settlement, technical barriers to trade, intellectual property rights, etc., and then by offering a sector-by-sector analysis. The potential implications of the EU-Korea FRA and the timing issues are also addressed.