UK welcomes EU-South Korea Free Trade Agreement

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

New opportunities for UK firms in South Korea after FTA is signed in Brussels.

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
  • Pharmaceuticals
  • Advanced engineering
  • Low carbon industry, including the renewables sector.