Uk Free Trade Agreement With South Korea

Cumulation with the EU referred to in Article 3 shall no longer apply three years after the entry into force of this Agreement. No later than two years after the entry into force of this Agreement, the Contracting Parties shall review this Article. The Parties will continue to seek mutually beneficial and business-friendly rules of origin and will work to facilitate trade between Korea and the United Kingdom. (Highlighted only here) The transitional regime sealed in June 2019 between Liam Fox, then international trade minister, and Yoo Myung-hee, his South Korean counterpart, responds to the existing free trade agreement between Korea and the EU, a flagship agreement signed in 2011. In the words of Yoo Myung-hee, the signing of this agreement “will greatly dispel the uncertainties of Brexit on our long and precious economic partnership”. He could try to emulate the new EU-Vietnam free trade agreement, which is currently being ratified and takes particular account of Korean inputs to Vietnamese exports, to ensure that production counts in the specifications of the country of origin, Michell said. If the deal between Britain and Korea is extended, Korea may also want its ownership of car and electric plants in the EU to be recognised in the deal. Trade between the UK and South Korea has grown by around 12% per year since the signing of the EU-South Korea Free Trade Agreement in 2011. In order to ensure the continuity of existing EU trade agreements in which the UK participates as an EU Member State, the UK has signed 13 trade agreements with 38 countries, for example with Chile and Switzerland. The UK-Korea trade agreement will enter into force on 1 October 2019 and will allow UK and Korean companies to continue to act under the same preferential terms under the European Union (EU)-Korea Free Trade Agreement.

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