The European Union has signed its first ever Free Trade Agreement (FTA) with an Asian country, South Korea which is described as EU's most ambitious trade agreement so far.
Due to this agreement, around 93 percent of the textile exports on which duties are imposed will get relaxation. Also, the taxes on 84 percent of leather and fur goods, and on 95 percent of footwear items will be removed.
Moreover, the chemicals industry of the country will also witness relaxation of €175 million worth of duties. This treaty will prove to be imperative to improve trade links between the two nations and to offer a fillip to increase job opportunities and accelerate growth in Europe at the current critical situation.
It is expected that over the next 20 years, the FTA will more than double bilateral EU-South Korea trade.
A number of import duties as well as non-tariff barriers between the two nations will be virtually relaxed on account of this agreement, and EU exporters are expected to save around €1.6 billion per year due to the withdrawal of duties.
Fibre2fashion News Desk - India
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