Business, Featured

Major potential in trade agreement with South Korea

Danish companies have profited less from the trade agreement with South Korea than the average of comparable EU countries.

Danish businesses have not gained the full benefit from the highly ambitious trade agreement between the EU and South Korea that was finalised two years ago, according to a new DI study.

Simply not ready

“I believe an explanation is that the many small Danish companies are simply not ready when new doors are being opened. At the same time, an issue is also that some of the tariffs are still in the process of being dismantled,” says DI Director International Market Policy Peter Thagesen.

He wants to increase efforts to inform Danish companies about the great potential in South Korea.

While exports from the 15 comparable EU member states to South Korea have risen by 34% since the trade agreement was signed in 2011, the Danish export has increased by less than 17%. Throughout most of the past decade Denmark has trailed the EU average for export growth to South Korea.