“This the first generation of bilateral trade agreements which will bind Europe and Asia together in an ever-closer economic bond,” Steven Vanackere told a news conference on the sidelines of a meeting of EU leaders in Brussels.

“This is a very big step in opening markets in Asia for our companies.” The deal is due to be formally signed at an EU-South Korea summit in Brussels on Oct. 6 and will come into force from July 1, 2011, Vanackere said. Italy had resisted giving its approval to the pact — which requires unanimous backing from all 27 EU member states — but gave its support after a compromise was reached to delay the introduction of the agreement by six months.

EU officials say the agreement will create about 19 billion euros ($24.64 bln) of new exports for EU producers. Combined EU-South Korea trade in goods was worth about 53 billion euros in 2009, according to EU figures.

The EU has been racing to secure an agreement with South Korea, the world’s 12th largest economy and one of the few to avoid recession during the global economic downturn, as it wanted to strike a pact before the United States did so.

In 2009, Korea was the world’s eighth largest exporter and 10th largest importer, according to the World Trade Organization. The EU is the world’s largest trading zone.

EU foreign affairs chief Catherine Ashton, who previously served as EU trade commissioner and negotiated the early stages of the South Korea deal, spoke at length to Italian officials in recent days to push for their support, diplomats said.