South Korea is APAC’s third largest retail market and will be worth an estimated GBP 364bn by 2018. Most of the country’s population of 50m is concentrated in the Seoul capital region. South Korea also has the seventh largest e-commerce market in the APAC region, worth some GBP 25bn in 2015. Rising disposable income, the entry of international retail chains, liberal retail policies, and a strong e-commerce infrastructure are contributing to the growth of the retail industry in South Korea.
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.