By Max Clarke
UK exporters will soon be able to benefit from increased trade with South Korea, following the landmark EU-Korea Free Trade Agreement.
The deal will strip trade tariffs from some 97% of products and commodities, delivering savings to the EU of some £16bn.
"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,” commented Prime Minister David Cameron ahead of the introduction of the deal.
The UK is currently Korea’s prime trade partner, attracting £2.25 bn in investment from the East, and this figure is set to increase following the Agreement.
Business Secretary Vince Cable commented as follows: “Korea is set to make the tenth largest contribution to world growth over the next five years, and will become one of the most attractive export destinations globally. British companies that are serious about growing their business internationally should seize the opportunities that have been created by the Free Trade Agreement, as there has never been a better time to engage with the Korean market.”
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