South Korea And The United Kingdom Formally Signed The "Korea UK Free Trade Agreement (FTA)".

Yu Mingxi, Minister of trade and industry of South Korea, formally signed the "Korea Britain free trade agreement (FTA)" in London (2019) in August 22nd (Elizabeth) in August 22nd (FTA). The two countries announced the completion of the Korean agreement in June 10th of this year, and completed the legal examination of the provisions of the agreement.

The Ministry of industry and Commerce resources of Korea said that the United Kingdom has decided to complete Brexit in any case in October 31st of this year, that is, the possibility of No-deal Brexit without agreement. At present, South Korea and the United Kingdom have formally signed FTA. The future Korean export will not be affected by Brexit, and it can maintain the preferential trade relationship between Korea and -EU FTA. Han Ying and the two countries also have steady and steady trade contacts to protect Korean enterprises from being affected.

The official signature of Han Ying FTA is as follows:

(1) tariffs on goods:

The tariff of all industrial products will be retained by the Korean -EU FTA (entry into force July 2011), zero tariff, automobile and auto parts and other major Korean export items to maintain zero tariffs. 99.6% of all goods exported to the United Kingdom will be zero tariff (100% zero tariffs on industrial products and 98.1% zero tariffs on agricultural products). The average tariff of Korea exported to British products is 4.73% before the signing of "Han Ying FTA".

In addition, the 9 items of emergency import restriction measures (ASG) for sensitive agricultural products such as beef, pork, apple, sugar, human beer, barley, fermented alcohol, processed starch and Taibai powder were set down below the level of "Korean -EU FTA" to protect the Han Guonong industry, and the quotas (TRQ) would be adopted for malt and auxiliary feed which could not fully supply the demand.

(two) origin:

In view of the adjustment of the time needed for production and supply networks set up in the territory of EU, the products manufactured by the two companies in the EU within the territory of the EU shall be identified as domestic production within 3 years. When the other goods are shipped through EU, they will be identified as direct transportation within 3 years. Therefore, the sale of Korean goods through the EU logistics center to the United Kingdom can be applied to the preferential treatment of Han Ying FTA.

(three) intellectual property rights:

In keeping with the geographical indications identified in the current Korean -EU FTA, it is decided that two kinds of wines, such as Scotch whisky and Irish whisky in Britain, Korean green tea, Chun Chang traditional chilli sauce, Lichuan rice, Korea people, high open raspberry and Jindo red wine, are identified and protected by geographical indications in 64 categories.

The Ministry of industry and commerce also pointed out that when Yu signed the signing of "Han Ying FTA" at the same time, and with the Minister of British Elizabeth Truss, when he decided on the implementation time of Brexit, he would re negotiate the 3 issues, such as "Han Ying FTA", strengthen bilateral cooperation and improve the government procurement of high speed railways. If the United Kingdom and EU reached a consensus on Brexit and decided to finish Brexit by the end of 2020, the two countries will re negotiate Han Ying FTA, in order to upgrade the Korean English FTA to the level of Korea -EU FTA plus. In addition, South Korea and the United Kingdom will strengthen the 5 areas of high potential for industrial innovation, technology, SMEs, energy, agriculture and automobiles in the future to promote economic growth, create employment opportunities and innovate. In addition, the high speed rail concession will be improved immediately after signing the Charter review.

In addition, part of the analysis of the resources of industry and Commerce: the significance of Han Ying FTA to Korea is as follows:

Even if No-deal Brexit is adopted, trade relations between South Korea and Britain can still be maintained and maintained through the Han Ying FTA. At present, Britain is the second largest trade partner in Korea in EU countries, and Han Ying FTA will eliminate the uncertainty that Korean enterprises may face because of Brexit, so that the two countries will maintain stable trade relations.

This "Han Ying FTA" formulating the institutional measures that can be revised and upgraded in the future. The two countries decided that if Han Ying FTA was to take effect in the United Kingdom without the agreement of No-deal Brexit, Han Ying FTA will make further amendments in 2 years. If Britain and EU reach agreement on Brexit and confirm the time to complete Brexit, the two countries will further upgrade the Korean English FTA to South Korea -EU FTA plus level by consultation.

In response to the fourth industrial revolution and the new industrial era, the two countries decided to strengthen cooperation in the global high-tech industry, growth potential industry and innovative technology field, and expand cooperation in 5 major fields, such as AI, big data and future automotive, biotechnology, health care and system semiconductor.

Minister Yu Ben also said that South Korea and the United Kingdom would be able to open and free trade through the Han British FTA to promote the common prosperity of the two countries. Although the South Korean enterprises have lifted the uncertainty of the environment such as Brexit, the South Korean government will still be fully prepared to advance the trade and investment of enterprises in a sustainable and stable manner. The Minister of Elizabeth Truss also stressed that Han Ying FTA helps to maintain stable trade relations between Korea and Britain. Even after Brexit, the two countries' enterprises can not be affected and maintain exchanges. The trade between the two countries is expected to grow even more.