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EU trade deal to benefit UK businesses
Monday, 15 Mar 2010 05:45
A deal has been struck between the European Union (EU) and South Korea which could allow Britain's businesses to benefit by up to £500 million.
The EU is to establish a Free Trade Agreement with the Asian country which will open up at least a hundred "promising business opportunities for British firms".
Business secretary Lord Mandelson commented: "British expertise, knowledge and know-how are much sought-after in South Korea. The UK is strong across many sectors, and the Free Trade Agreement will make it easier and cheaper for UK firms to do business in Asia's fourth largest economy."
Eliminating trade tariffs is thought to be the key aspect of this latest deal.
On an annual basis, this action alone will cut back around €1.6 billion (£1.45 billion) of duties for EU exporters, increasing the flow of business.
South Korea is already home to various British businesses, including Tesco which set up operations there in 1999.
The supermarket chain now has almost 300 outlets in the country, making it the second largest retailer.
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