Given the 1997 Asian financial crisis and the regionalization of world economy, South Korea has shifted its trade policy focus from traditional emphasis on multilateralism revolving around World Trade Organization (WTO) to bilateral and regional free trade agreements (FTA) since the late 1990s with a view to increasing the competitiveness of its exports. In this paper, the author intends to center on South Korea-EU FTA so as to find out which side benefits more from the bilateral FTA, in what way, more importantly to examine if the results of the FTA meet South Korea's expectations or EU's predictions of the impact of the FTA prior to negotiations.