South Korea, UK ink upgraded free trade agreement
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.
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