It’s the first agreement between the EU and an Asian country, but that’s not the only reason why UK business should take notice.
First of all, the EU-Korea FTA (Free Trade Agreement), signed on 8 October 2010 in the presence of Korean President Lee Myung-bak and European Commission President José Manuel Barroso, is the most comprehensive trade pact ever negotiated by the EU. UK companies are expected to be benefit by an extra £500 million a year on current trading patterns. Both Prime Minister David Cameron and Business Secretary Vince Cable commented favourably on the benefits of the FTA for British business.
Secondly, the FTA will provide UK companies with first-mover advantage against US companies with the US-Korea FTA presently stalled. In addition, the timing could not be better. The G20 Summit will take place in Seoul in early November, and the signing of the FTA clearly shows the EU to be at the forefront of free trade.
Many British companies are already working in Korea, but we would like many more to reap the benefits of the FTA. The UKTI team in Korea has identified the 100 best commercial opportunities to arise out of the FTA. For your free copy of the how to get the best out of the FTA click here.
We would like to help you grow your business in Korea. So why don’t you contact us and find out how?
https://ukti.blog.gov.uk/2010/10/25/why-the-eu-korea-fta-is-a-breakthrough-for-british-business/