Posted: Thu Jun 30, 2011 11:15 pm Post subject: Scotch Whisky Association Welcomes Trade Deal With Korea
Scotch Whisky Association welcomes groundbreaking trade deal with Korea.
The Free Trade Agreement (FTA) between the European Union and South Korea which comes into force today 1st July is being heralded as a major milestone for the Scotch Whisky industry.
Scotch Whisky is expected to be one of the biggest beneficiaries of the new groundbreaking trade deal with Korea, the deal eliminates Korea's 20% import tariff on spirits.
The agreement also provides legal protection in Korea for products with "geographical indications"?, including Scotch Whisky, and it tackles a number of other barriers to trade.
Korea is currently the sixth largest export market by value and ninth by volume for Scotch Whisky worldwide, with direct shipments from the UK alone totalling £153 million last year.
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