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Codipro is a small Luxembourg business which designs and manufactures patented safety swivel rings for use with heavy equipment.
The company makes full use of EU trade agreements, exporting to sixty countries around the world via a network of distributors. In fact, just 1% of the company's turnover is generated from the Luxembourgish market. 70% of the the company's turnover relies on trade with other EU countries while 29% relies on trade outside Europe.
Codipro's business in South Korea, for example, has seen an increase in turnover of 800% since 2008. The 2011 EU-South Korea trade agreement abolished customs duties between the two partners enabling Codipro to offer it's products at more competitive prices there. More than 3% of the company's turnover is generated exlusively in the South Korean market and the ambition is to triple that value over the next 10 years.
Codipro's international success has allowed the company to boost turnover by 15-20% annually over the last 10 years and increase it's workforce from three employees to thirty.
While the company's turnover was increasing in the majority of countries where it operated, there was one country where revenue was not growing as fast: Canada. The Canadian market is huge but the administrative procedures to trade were highly complicated in the past. Codipro thus awaited the entering into force of the EU-Canada Comprehensive Economic and Trade Agreement, CETA. The agreement simplifies customs procedures and removes customs duties making doing business with Canada much easier.
More about the EU's trade relations with South Korea