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Uk South Korea Continuity Agreement

On 22 August 2019, the United Kingdom and the Republic of Korea (Korea or South Korea) signed a continuity free trade agreement. [1] In the event of a Non-Brexit Deal on 31 October 2019, the trade agreement between Britain and Korea will enter into force, allowing British and Korean companies to continue to operate under the same preferential conditions under the free trade agreement between the European Union (EU) and Korea. The transitional regime sealed in June 2019 between then-International Trade Minister Liam Fox and his South Korean counterpart, Yoo Myung-hee, is in line with the existing free trade agreement between Korea and the EU, a landmark agreement signed in 2011. This agreement will further strengthen the UK-Korea trade relationship, which has already increased by an average of 12% per year since the signing of the EU-Korea FREE Trade Agreement in 2011. Today`s agreement follows a joint declaration on the terms of the agreement that the two countries concluded in June. The United Kingdom and Korea have agreed to apply in the new agreement the same concessions that existed under the FREE Trade Agreement BETWEEN the EU and Korea, which has been in force since July 2011. Under the FREE Trade Agreement BETWEEN the EU and Korea, all industrial products and 98% of agricultural products are subject to zero tariffs. [4] The same applies to bilateral trade between the United Kingdom and Korea under the FREE trade agreement between the United Kingdom and Korea. [5] As a result, 99% of British products would enter the Korean market without tariffs and vice versa. In particular, automobiles and auto parts are exported duty-free.

Truss said the deal would allow companies such as luxury carmaker Bentley to “maintain trade as they do today and be able to seize the opportunities offered by Brexit.” Britain is calling for deals with its trading partners in the run-up to Brexit. Before the virus dominated the global trade agenda, complications related to the rule of origin were one of the few details to be worked out in Seoul`s agreements with London. The trade continuity agreements signed so far now cover countries that are worth $89 billion, up from $39 billion in March 2019. Denby Pottery has become the most popular choice for younger generations in Korea who love table-setting with dishes made in England, and this will allow them to continue to do so with confidence for years to come.