that the people of Vietnam and South Korea are "close brothers". European Union The European Union (EU) and South Korea are important trading partners, having negotiated a free trade agreement for many years since South Korea was designated as a priority FTA partner in 2006. The free trade agreement has been approved in September 2010, following Italy's conditional withdrawal of its veto of the free trade agreement. The compromise made by Italy was that free trade agreement would take provisional effect on July 1, 2011. South Korea is the EU's eighth largest trade partner and the EU has become South Korea's second largest export destination. EU trade with South Korea exceeded €65 billion in 2008 and has enjoyed an annual average growth rate of 7.5% between 2004 and 2008. The EU has been the single largest foreign investor in South Korea since 1962 and accounted for almost 45% of all FDI inflows into South Korea in 2006. Nevertheless, EU companies have significant problems accessing and operating in South Korea market due to stringent standards and testing requirements for products and services often creating barriers to trade. Both in its regular bilateral contacts with South Korea and through its FTA with South Korea, the EU is seeking to improve this situation. Diplomatic relations Americas Asia Oceania Europe Middle East and Africa No diplomatic relations South Korea does not currently have any diplomatic relations with the following nations. There are also no diplomatic relations with several unrecognized territories: See also List of diplomatic missions in the Republic of Korea List of diplomatic missions of the Republic of Korea List of international trips made by presidents of South Korea Foreign relations of North Korea References Further reading Ahn, B.J. "Korea: A Rising Middle Power in World Politics", Korea and World Affairs 1987. 11#1 pp 7–17. Choi, Young Jong. "South Korea's regional strategy and middle power activism." Journal of East Asian Affairs(2009): 47–67. online Hwang, Balbina Y. "The US Pivot to Asia and South Korea's Rise." Asian Perspective 41.1 (2017): 71–97. John, Jojin V. "Becoming and being a middle power: exploring a new dimension of South Korea's foreign policy." China Report 50.4 (2014): 325–341. online John, Jojin V. "Globalization, National Identity and Foreign Policy: Understanding'Global Korea'." Copenhagen Journal of Asian Studies 33.2 (2016): 38–57. online Kim Jinwung. "Recent Anti-Americanism in South Korea: The Causes" Asian Survey, 1989 29#8 749–63 Kim, Min‐hyung. "South Korea's China