South Korea/EU trade deal to benefit C&T industry

The European Commission has unveiled details of how the new South Korean-EU trade agreement will benefit personal care product manufacturers.

Many duties charged on essential oils imported into the EU from South Korea will disappear, for instance on citrus fruits (7% not deterpenated; 4.4% deterpenated); clove, niaouli and ylang-ylang (not detepenated) 2.9%; and others. Also, 6.5% duties on pre-shave, shaving and after-shave preparations; deodorants and antiperspirants; and perfumed bath salts will go. All these duties will disappear upon ratification of the agreement. Most South Korean skin cosmetics and hair products were already imported duty free.

Regarding South Korean imports from the EU, 8% duties on skin care, make-up, baby cosmetics, hair care products, after-shave, deodorants, antiperspirants and perfumed bath salts will be abolished, although some (such as skin care cosmetics will be phased out over a varying number of years). Also, duties of between 6.5% and 8% currently charged on soap imports will be scrapped, mostly immediately.