14.11.2011 - Vinexpo news selection
After months of equivocation, the United States Congress has ratified the free trade agreement that was signed with South Korea in 2007, which amongst other things provides for the immediate abolition of the 15% customs duty levied on American wines imported by Seoul. This should clearly boost these sales in Korea, where US$11.2 million worth of American wines were imported in 2010. However the Korean parliament must also give its green light before the agreement can finally come into force, which in fact is not a foregone conclusion since the Korean opposition is requesting that the agreement be partially renegotiated.
South Korea has already been bound by a free trade agreement with Chile since 2005 and with the European Union since 1st July 2011. (V&S News – 21 October 2011)