Wine Market Makes Case for Free Trade
Wine Market Makes Case for Free Trade
May 6, 2010 6
What better way to make a case for free trade than with wine? Or so goes the thinking in South Korea.Since Chile and South Korea signed a free-trade deal in 2003, Chile has beaten stiff competition from Europe and the U.S. to become the highest volume seller of wine to South Korea.
The Korea-Chile free-trade agreement went into effect in 2004, a year in which the volume of Chilean wine imports to South Korea more than double, according to Euromonitor International. Before the free-trade agreement, Chilean wine accounted for 6% of South Korea’s wine imports, but by 2009 that figure rose to 24% as tariffs fell.
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