UK Welcomes Signature of the EU-Korea Free Trade Agreement 

The UK welcomed the signature of the EU-Korean Free Trade Agreement (FTA) at the EU-Korea Summit in Brussels on 6th October.

The landmark deal, worth an extra £500 million a year for UK firms based on current trading patterns alone, means virtually all tariffs between the EU and Korea will be removed from July 2011. This will result in £1.4 billion of savings in duties per year for EU exporters.

The agreement will result in new opportunities for UK companies in Korea, particularly in legal and financial services, pharmaceuticals, advanced engineering and the low carbon industry, including the renewables sector.

Companies can find out more about this high-growth market by reading UKTI’s report ‘100 Opportunities for UK Companies in South Korea’, as well as 15 sector flyers highlighting the current sector opportunities in this market at www.ukti.gov.uk/southkorea.