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South Korea, UK Enhance Trade Pact to Boost Exports
(MENAFN) South Korea and the United Kingdom have finalized an upgraded free trade agreement designed to increase bilateral commerce by relaxing rules of origin for Korean exports and granting access to additional industries in both markets, according to South Korea’s Trade Ministry on Tuesday.
The updated agreement was formalized in London by South Korean Trade Minister Yeo Han-koo and his British counterpart, Chris Bryant, after two years of discussions, a news outlet reported, referencing the ministry.
This revision updates the initial free trade agreement signed in 2019 and enforced in 2021 following Britain’s departure from the European Union.
Under the new terms, the UK has consented to simplify rules of origin for automobiles as well as beauty and food products exported from South Korea.
Specifically for automobiles, the value-added requirement for tariff-free eligibility will drop from 55% to 25%, making it substantially easier for South Korean carmakers to benefit from preferential tariffs.
Automobiles remain a major export for South Korea to the UK, representing 36% of South Korea’s overall exports to the country last year.
The updated agreement was formalized in London by South Korean Trade Minister Yeo Han-koo and his British counterpart, Chris Bryant, after two years of discussions, a news outlet reported, referencing the ministry.
This revision updates the initial free trade agreement signed in 2019 and enforced in 2021 following Britain’s departure from the European Union.
Under the new terms, the UK has consented to simplify rules of origin for automobiles as well as beauty and food products exported from South Korea.
Specifically for automobiles, the value-added requirement for tariff-free eligibility will drop from 55% to 25%, making it substantially easier for South Korean carmakers to benefit from preferential tariffs.
Automobiles remain a major export for South Korea to the UK, representing 36% of South Korea’s overall exports to the country last year.
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