UK firms to gain from 2-year extension of S Korea FTA rules of origin

17 Oct '23

1 min read

Pic: Adobe Stock

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The UK recently secured a two-year extension to rules under its free trade agreement with South Korea that assist British firms to access lower or zero tariffs while selling goods to the former.
This comes ahead of the launch of talks on a fresh trade deal between both sides expected before the end of the year.
It will cover new sectors like digital.

The United Kingdom recently secured a two-year extension to rules under the UK-South Korea Free Trade Agreement (FTA) that assist British firms to access lower or zero tariffs while selling goods to South Korea.

This comes ahead of the launch of negotiations on a fresh, modern trade deal between both sides expected before the end of the year. It will cover new sectors like digital.

A broad range of British manufacturing sectors are expected to benefit from the extension, the UK government said in a release.

South Korea is the 13th largest economy in the world and set to grow rapidly. Its import market is expected to grow by 45 per cent by 2035. The United Kingdom’s trade with South Korea has more than doubled since the original FTA was negotiated.

Goods make up the majority of UK exports to South Korea, with £7.3 billion worth exported last year.

ALCHEMPro News Desk (DS)

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