UK welcomes FTA at EU-Korea Summit

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

The deal, worth an extra £500m a year for UK companies based on current trading patterns alone, means that virtually all tariffs between the EU and Korea will be removed from July 2011.

This will result in £1.4bn 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.