South Korea, UK Strengthen Trade Ties
The updated pact was signed in London by South Korean Trade Minister Yeo Han-koo and his British counterpart, Chris Bryant, following two years of discussions, a news agency reported, referencing the ministry.
This agreement revises the initial free trade deal signed in 2019 and implemented in 2021, following the UK’s departure from the European Union.
Under the renewed arrangement, Britain has consented to relax "rules of origin" for automobiles, as well as beauty and food products exported from South Korea.
For the automotive sector, the value-added requirement for tariff-free treatment will drop from 55% to 25%, making it considerably easier for South Korean car manufacturers to qualify for preferential tariffs.
Automobiles are a major South Korean export to Britain, representing 36% of the country’s total exports to the UK last year.
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