Prime Minister David Cameron has welcomed the EU-Korea Free Trade Agreement which came into force on 1 July 2011.
This landmark EU-Korea Free Trade Agreement marks a significant development in the UK’s bilateral relationship with Korea and represents a huge opportunity to increase trade between our two countries, to the benefit of business, consumers and economic growth.
Korea has been one of Asia’s fastest growing economies in recent years but British companies have faced challenges to enter the market in the past. This Agreement, which is the most comprehensive FTA the EU has ever negotiated, dismantles those barriers and gives British business, large and small, an enormous opportunity to boost exports. I hope they will rise to the challenge.
Having attracted some £2.25 billion of Korean investment in 2010 - more than double that of any other European country - I hope that this agreement will result in even more Korean businesses choosing the UK as a platform to grow their business. It’s essential that we get the message out that Britain is open for business.