New Tariff Reductions on Imports from South Korea

14 June 2011

The EU/ South Korea Trade Agreement comes to effect from 1 July 2011. This agreement is reciprocal so that South Korean goods imported in to the EU will benefit from tariff reductions as will EU exports to South Korea.

The scope of the agreement encompasses most goods although not all will benefit from nil customs duties from 1 July. Some sensitive products will not receive the full benefit of these arrangements for up to 15 years. Please contact us if you would like to know if your goods benefit under this Agreement or what conditions must be met.

The EU has signed preferential trade agreements with over 170 countries and preference continues to provide significant tariff benefits. However there are a number of traps that importers need to be aware of if you are to avoid being hit with retrospective duties where customs carry out audits and make post import challenges.

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