July 01, 2014 11:04
Tariffs on European cars were cut further or eliminated completely in Korea on Tuesday, which will help European automakers expand their market presence here while ramping up competition for local carmakers.
As Korea enters the fourth year of its free trade agreement with the EU, a 1.6 percent tariff levied on imported cars with engines at least 1.5 liters has been scrapped and a 4 percent tariff on cars with smaller engines reduced to 2.6 percent.
Prices of European imports are expected to fall by US$500-800.
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