South Korea & the EU: Beer imports rise benefited by last year’s free trade agreement

Imported beer brands to South Korea are reaping the rewards from last year's free trade agreement with the European Union, local media reported earlier this week.

Asia Pulse cited South Korean retail outlet E-Mart Co as claiming that sales of beers from abroad leapt by 56% year-on-year between 1 January and 13 February. In the same period, domestic beer sales fell by 3.2%, with soju sales holding steady, down by 0.1%.

Lotte Mart Co, the third-largest discount chain store, reported that imported beer sales increased by 4.6% over the six weeks.

The trade agreement between the European Union (EU) and South Korea was sealed in October 2010, and took effect from 1 July last year. The agreement required both the EU and South Korea to eliminate 98.7% of duties in trade value for both industry and agriculture within five years, and to eliminate remaining tariffs almost fully over longer periods.

South Korea is the EU's eighth-largest trading partner.

17 February, 2012