EU and Austria of this FTA with the GTAP world computable general equilibrium model. The results are as expected. Both … only in the magnitude of 2 to 2 ½% of total Extra-EU trade, the trade (total EU +0.2%, Austria +0.10%; Extra-EU: EU and … Austria +1.2%) and welfare gains (only 0.04% of GDP) are modest for the EU and Austria. For South Korea the trade (+5.3%) and …