News

EUR: Scotch trade body toast EU, South Korea trade deal

Most popular

What does the future hold for Champagne? - Focus

just-drinks meets Beam Suntory CEO Albert Baladi

The just-drinks analyst returns

just-drinks speaks to Beam Suntory CEO - Part II

Lift our heads out of our drinks - Trends

MORE

Scotch whisky distillers have welcomed the signing of a free trade deal between the EU and South Korea, which will see cuts to import tax on their products.

EU trade commissioner Catherine Ashton and Korean trade minister Kim Jong-hoon yesterday (15 October) signed the trade deal, described by the European Commission as "the most important ever negotiated between the European Union and a third country".

The deal, estimated to be worth up to EUR19bn (US$28.3bn) in new trade for EU exporters, will remove virtually all tariffs between the two economies, as well as many non-tariff barriers, said the Commission.
Scotch whisky producers have long pushed for a deal between the EU and South Korea, a country believed to hold significant export potential for whisky.

A Scotch Whisky Association (SWA) spokesperson told just-drinks today: "Tariff elimination in South Korea has been a key SWA trade priority for a number of years and an issue we have pursued actively in Brussels and Seoul. Removal of the 20% tariff on Scotch whisky, as part of this agreement, is an important boost in what is a significant market for Scottish distillers."

The Commission added: "One of the key benefits of the deal for the European Union is the quick elimination of EUR1.6bn of duties for exporters to Korea."

A text of the trade agreement will be handed to all 27 EU member states for approval in early 2010. The agreement is set to be fully implemented in the second half of 2010, said the Commission.

Scotch exports to Korea totalled GBP139m (US$203m) in 2008, according to the latest figures from the SWA.


Sectors: Spirits

Companies: Scotch Whisky Association

Related Content

Brexit threatens Scotch whisky tariffs - SWA

Brexit threatens Scotch whisky tariffs - SWA...

Scotch Whisky Association opens door to Tequila-cask Scotch as production rules relaxed

Scotch Whisky Association opens door to Tequila-cask Scotch as production rules relaxed...

Exports hit another high for Scotch in 2018 - data

Exports hit another high for Scotch in 2018 - data...

Scotch Whisky Association calls for continued trade policy influence post-Brexit - just-drinks exclusive

Scotch Whisky Association calls for continued trade policy influence post-Brexit - just-drinks exclu...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?