Korea and EU has further cut tariffs on each other’s goods as of July 1, which marks the day the Korea-EU FTA entered into force. Korea reduced tariffs on 2,000 items imported from EU nations. Tariffs on midsized cars were cut to 1.6 percent from the current 3.2 percent. Tariffs on pork were lowered to 18.1 percent from 20.4 percent, handbags to 2.0 percent from 4.0 percent, and whiskey to 5.0 percent from 10.0 percent. The EU also cut tariffs on 551 Korean goods. Tariff on midsized cars were cut to 2.0 percent from 4.0 percent, while tariffs on televisions and tires were reduced to 7.0 percent from 9.3 percent and to 1.1 percent from 2.2 percent, respectively.

* Source : Ministry of Strategy and Finance and Korea Development Institute, Economic Bulletin Vol.35 No.7 (July 2013).
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