Reuters reports that a free trade agreement (FTA) between South Korea and the European Union could potentially be a 100-billion-dollar boost to the EU’s economy.

Reuters quoted several EU diplomats as making the remark in regards to the pact. Negotiators are close to finalizing the deal, but are still haggling over tariff refunds.

The report also said the European Commission, which overseas EU trade policy, estimates the tariff refund concessions the South is asking for would only cost the EU auto sector around 150 million euros per year.

Under tentative agreements, the two sides agreed to slash tariffs by more than 96 percent within three years before abolishing them all together within five. South Korea also agreed to delay the abolishment of tariffs on some 40 sensitive items to seven years.