Free Trade Agreement with South Korea

Politics ♦ Published: February 19, 2011; 11:22 ♦ (Vindobona)

WKÖ: Additional trade potential for Austrian companies in South Korea for € 350m.

Free Trade Agreement with South Korea / Picture: ©

The EU Parliament has approved the ratification of the long-awaited FTA with South Korea, which aims to eliminate within the next five years about 98% of import duties and other trade barriers on industrial products, agricultural produce and services.

"These are very good news. Austrian exporters will save about € 50m annually in customs duties as of July 1, 2011, and I…