US WINERIES TO CAPITALIZE ON KOREA

Any South Koreans on the hunt for California wine are in luck. The US Trade Representative (USTR) has concluded free trade agreement negotiations with S. Korea that will eventually eliminate tariffs and other trade barriers for most goods, including wine. Once the agreement is ratified by both governments, wine and other US agricultural exports will become duty-free.

According to a press release issued by the Wine Institute, Korea is an “economically significant wine market, with its consumption growing 174% in the last five years."

Just a few years ago in 2004, US exports to Korea were second behind France, but were displaced by Chile in 2005 as a result of a free trade agreement with Korea.