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The EU-South Korea trade agreement abolished customs duties between the two partners. It has encouraged Meypack Verpackungssystemtechnik GmbH’s exports to South Korea to rise to a value of more than €2.4 million annually.
Meypack is a specialist in end packaging systems that are used by food producers such as breweries or food manufacturers, among others. Since the trade agreement came into effect in 2011, Meypack has been able to sell its machines 8 per cent cheaper in South Korea. In addition, machine manufacturing exports to South Korea from Germany as a whole have increased by more than €2.8 billion to reach a value of €3.14 billion in 2015.
The success story of Meypack demonstrates the effectiveness of the EU’s trade agreement with South Korea. The value of German exports to the Asian country has increased by €7.6 billion to reach €17.9 billion - an increase of more than 70 per cent. The German machine manufacturing industry has seen particularly strong business, increasing exports to South Korea by about nine per cent - to €3.14 billion.