Since late 90s, Korea has sought for FTA with its trade partners. Korea-EU FTA, recently finalized, is particularly important for Korea, because Korea has been recording the most important trade surplus with the EU and the investment of the latter accounts for the largest part of inward FDI to Korea. The FTA is typical example of comprehensive and advanced FTA between developed countries conceived in carefully constructed FTA policies. It contributes to harmonizing trade-impeding regulatory policies and liberalizing service markets. Korea is now the only country with large industrial capacity that negotiated successfully FTAs both with US and EU. In this sense, Korea-EU FTA provided both US and EU with occasions to converge in their FTA terms, which can make a reference case for future FTAs.