News story

UK welcomes EU-South Korea Free Trade Agreement

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

From:
Department for Business, Innovation & Skills
Published
6 October 2010
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

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.
Published 6 October 2010