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 the United Kingdom have signed an upgraded free trade agreement aimed at boosting bilateral trade by easing rules of origin for Korean exports and opening new sectors in both markets, South Korea’s Trade Ministry announced Tuesday.
The revised deal, signed in London by South Korean Trade Minister Yeo Han-koo and British Trade Minister Chris Bryant after two years of negotiations, updates the original agreement concluded in 2019 and implemented in 2021 following the UK’s departure from the European Union.
Under the renewed agreement, Britain will ease rules of origin for automobiles, as well as beauty and food products exported from South Korea. For automobiles, the value-added requirement for tariff-free treatment will drop from 55% to 25%, making it easier for South Korean carmakers to benefit from preferential tariffs. Automobiles remain a key export, accounting for 36% of South Korea’s total exports to the UK last year.
The revised deal, signed in London by South Korean Trade Minister Yeo Han-koo and British Trade Minister Chris Bryant after two years of negotiations, updates the original agreement concluded in 2019 and implemented in 2021 following the UK’s departure from the European Union.
Under the renewed agreement, Britain will ease rules of origin for automobiles, as well as beauty and food products exported from South Korea. For automobiles, the value-added requirement for tariff-free treatment will drop from 55% to 25%, making it easier for South Korean carmakers to benefit from preferential tariffs. Automobiles remain a key export, accounting for 36% of South Korea’s total exports to the UK last 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