Korea and the European Union have just finalised a free trade agreement that provides for the complete elimination in three years of customs duty on practically all the goods traded between them. The Korean Minister of Agriculture foresees a substantial increase in the importation of European wines into his country.

Since a similar free-trade agreement between Korea and Chile was implemented in 2003, the Korean market share of Chilean wines has increased from 7 to 18%. Chile even became market leader in 2008, exporting 660,000 hectolitres to Korea. (Source: VSB)