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 was approved in September 2010, and took effect on 1 July 2011. South Korea is the EU's tenth largest trade partner, and the EU has become South Korea's fourth largest export destination. EU trade with South Korea exceeded €90 billion in 2015 and has enjoyed an annual average growth rate of 9.8% between 2003 and 2013.