South Korea Preferential Trade Agreement

See the list of minimum transactions in Article 6 of the Origin Protocol in the text of the UK-South Korea trade agreement. In addition, China and South Korea also promised that after the signing of the agreement, they would continue to negotiate trade in services under the negative list model and that they would conduct investment negotiations on the basis of access and return before access and the negative list model. [Citation required] In addition, the trade agreement requires that subsidies be transparent. If the EU or South Korea use subsidies, they must indicate each year the total amount, nature and supply of the subsidies. The agreement became official on November 10, 2014. [3] South Korean President Park Geun-hye said her government would try to implement the agreement as quickly as possible. [4] If you want to talk to someone face to face, we have local trade offices all over Britain. In any office, you can speak to an international trade advisor. Find your local sales office.

Prior to the agreement, EU exporters of consumer electronics and appliances in South Korea were required to implement duplicate and expensive testing and certification procedures in South Korea to sell their products. However, you can now take advantage of an improved regulatory environment for your products. The specific electrical and electronic products covered by the agreement, as well as related provisions, are included in Schedule 2-B Electronics and its annexes. Importers may apply for preferential tariff treatment on the basis of a declaration of origin filed by the exporter. The EU and South Korea are now working together on technical regulation, establishing standards and compliance assessments to facilitate international trade. This ensures that you do not waste money and/or time in double or multiple procedures. The agreement establishes a customs committee to examine and resolve potential disputes over customs facilitation and trade, including the continued use of EU materials or their processing during exports to South Korea. The United Kingdom and Korea must have met the requirements of the origin protocol. You must also ensure that the work or transformation you are doing in the UK goes beyond the minimum operations mentioned in the agreement and that the other relevant conditions are met. Negotiations on the agreement began in May 2012. [1] There were 12 roundtables until July 2014. [2] These guidelines contain information on aspects of trade that will change as soon as the agreement between the United Kingdom and South Korea comes into force.