Sections of the European plant sector could benefit from a new trade agreement between the European Union (EU) and South Korea. Under the deal, import duties on Korean-built construction equipment entering the EU will be abolished once the agreement is ratified and will "create a new climate for the development of trade and investment between the parties".

Although Korean-built excavators, wheel loaders and tower cranes do not attract any import tariffs, crane lorries, mobile drilling derricks, concrete mixer lorries, and concrete-pumping vehicles are subject to a 3.7% import duty which should disappear on ratification. The 4% levy on pneumatic tyres for construction vehicles will end within four years.

Korea will abolish its 8% duty on EU-made concrete pumps and mixer lorries, while the levy on construction vehicle tyres will fall from 8% to 3% or zero.