20.09.2011 - Vinexpo news selection
The free trade agreement between South Korea and the European Union reached final approval on 1st July 2011. The agreement removes customs duty on European wine imports into Korea in return for preferential taxes on South Korean exports to the 27 EU member states. The effects of these new exemptions for the wine trade are still not known in detail, but the Wall Street Journal has published general figures concerning import-export volumes resulting from the agreement. According to these figures, the overall amount of commercial exchanges grew by 17.4% in the first two weeks of July, with Korean exports to the EU increasing by 19% and European imports into South Korea rising by 16%. (Vitisphère – 20 July 2011)