403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
South Korea, UK Ink Upgraded Free Trade Agreement
(MENAFN) South Korea and Britain finalized a substantially upgraded free trade agreement designed to boost bilateral commerce through relaxed export requirements and expanded market access across both economies, South Korea's Trade Ministry announced Tuesday.
The enhanced pact was formalized in London by South Korean Trade Minister Yeo Han-koo and British counterpart Chris Bryant after two years of intensive negotiations, media reported, citing ministry officials.
Both nations modernized their original trade framework established in 2019 and activated in 2021 following Britain's departure from the European Union.
The renegotiated agreement delivers significant concessions from Britain on rules of origin covering automobiles, cosmetics, and food products shipped from South Korea.
The automotive sector secured the most dramatic revision: value-added thresholds for duty-free status plummeted from 55% to 25%, dramatically simplifying qualification criteria for South Korean manufacturers seeking preferential tariff treatment.
This adjustment carries substantial weight given automobiles represent South Korea's dominant export category to Britain, comprising 36% of total South Korean shipments to the country during the previous year.
The enhanced pact was formalized in London by South Korean Trade Minister Yeo Han-koo and British counterpart Chris Bryant after two years of intensive negotiations, media reported, citing ministry officials.
Both nations modernized their original trade framework established in 2019 and activated in 2021 following Britain's departure from the European Union.
The renegotiated agreement delivers significant concessions from Britain on rules of origin covering automobiles, cosmetics, and food products shipped from South Korea.
The automotive sector secured the most dramatic revision: value-added thresholds for duty-free status plummeted from 55% to 25%, dramatically simplifying qualification criteria for South Korean manufacturers seeking preferential tariff treatment.
This adjustment carries substantial weight given automobiles represent South Korea's dominant export category to Britain, comprising 36% of total South Korean shipments to the country during the previous year.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment