South Korea’s major conglomerates are constantly looking to improve their competitive edge in the country’s small and saturated domestic market. Korean consumers demand new and innovative products, and particularly appreciate “foreign” designs. On a global scale, Korean exporters must provide high-quality goods and services to differentiate themselves in the marketplace. There is an increasing demand for creative designs in electronics, F&B, medical devices, and other consumer goods.
Impact of the EU-Korea FTA
Implemented in July 2011, the EU-Korea FTA will lead to the removal of 97% of all tariffs for UK exporters. The FTA contains provisions on services, public procurement, intellectual property (IP) and sustainable development as well as the liberalization of goods tariffs. The FTA has ushered in enhanced protection for IP rights and improved copyright regulations.