South Korea has been at the forefront of smartphone penetration (the world’s highest at more than 100%) and super-fast long-term evolution (LTE) infrastructure. This basis has enabled the country to rapidly build strong e-commerce and IOT-related industries that are increasingly competing in the global market. The country is also leading the way in developing 5G technology, which will be key to supporting higher network speeds and the growing number of devices required to fully realize the ‘era of IOT’.
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.