The UK Government has welcomed the signing of the EU-South Korea FTA, which is estimated to be worth an extra £500 million to UK businesses based on current trading levels.
Under the agreement, virtually all tariffs will be removed from July 2011, resulting in £1.4 billion savings in duties per year for EU exporters.
The deal is expected to bring new opportunities for UK companies in the areas of:
- Legal and financial services
- Advanced engineering
- Low carbon industry, including the renewables sector.