Arab Today, arab today european cars to make inroads into south korean market
Last Updated : GMT 18:22:15
Arab Today, arab today
Arab Today, arab today

European cars to make inroads into South Korean market

Arab Today, arab today

Arab Today, arab today European cars to make inroads into South Korean market

European cars
seoul - Yonhap

European carmakers are expected to expand their market presence in South Korea after all import duties levied on midsized and large sedans come down this week, local industry sources said Monday.
Under the free trade agreement (FTA) with the European Union (EU) that went into effect three years ago, Seoul is obligated to remove the 1.6 percent tariffs that have been levied on cars with engine displacements exceeding 1.5 liters starting in July. It must also lower the 4 percent import duties slapped on cars with smaller-sized engines under 1.5 liters to 2.6 percent.

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