South Korea is the world’s 11th largest energy consumer and fifth largest oil importer. In 2008, the government proclaimed ‘Low Carbon, Green Growth’ as a national vision to lead the country’s long-term development. South Korea plans to invest GBP 22.2bn over the next five years into green technology and clean energy technologies and infrastructure.
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.