South Korea and the European Union (EU) are expected to sign their bilateral free trade agreement next month, Seoul's trade ministry said Wednesday.
Both sides had been seeking to formally sign the deal, which was reached last year to cut tariffs and lower other trade barriers, in April. However, due to procedural matters, its signing has been delayed.
"After procedural matters are completed in the EU, both sides are expected to sign the free trade deal next month," Ahn Ho-young, deputy minister for trade, said in a weekly briefing.
Earlier this week, South Korea's Cabinet approved the deal.
The pact still needs to be approved by South Korea's National Assembly and the heads of the EU's 27-member states to take effect.
If approved, the FTA with South Korea would be the EU's first free trade deal in Asia.
The EU was South Korea's largest foreign investor and second-biggest trading partner after China in 2008.
For years, South Korea, Asia's fourth-largest economy, has actively pushed to seal free trade deals with its trading partners, including the United States. A deal with the U.S. is awaiting approval from both nations' legislatures.