South Korea Will Formally Adopt The "South African Free Trade Agreement (FTA)".

According to the Ministry of industry and Commerce resources of South Korea, the South Korean parliament examined and approved the "South Korea Free Trade Agreement (FTA)" in October 28th (2019). The agreement is the new agreement signed by the Korean government in response to the United Kingdom's Brexit and the stable investment environment between South Korea and the United Kingdom.

The Ministry of industry and Commerce resources pointed out that the United Kingdom is the second largest trading nation in the European Union (EU). Even though the British Parliament still disagrees with Brexit, Han Ying FTA will help maintain the stable trade relationship between South Korea and the United Kingdom. Another reason is that Han Ying FTA is the first FTA signed between Britain and Asian countries. It is expected that South Korea's exports will not be affected by Brexit, and a favorable trade relationship with the United Kingdom will have an advantage over other trade rival countries.

In addition, the time when the Han Ying FTA will come into effect will depend on the outcome of Brexit. If the UK does not have the agreement to take off No-deal (No-deal Brexit), the ROK British FTA will come into force immediately. If the British agreement is removed from the European Union (Deal Brexit), it will come into force after the transition period. In addition, the Ministry of industry and Commerce will host the Han British FTA local conference on the basis of this (10) 29, from the beginning of this (29) month. The manufacturers can also contact the FTA Telephone Center, the FTA comprehensive support center and the local support organizations nationwide advocating FTA to get customized consultation.

The main contents of Han Ying FTA are as follows:

(1) tariffs on goods: the tariffs of all industrial products are retained by the Korean -EU FTA (effective July 2011), and the total tariff is zero. 99.6% of all goods exported to the United Kingdom will be zero tariff (100% zero tariff of industrial products and 98.1% zero tariff on agricultural products). In addition, South Korea will not be able to fully supply malt and auxiliary feed, and will adopt tariff quota (TRQ).

(two) origin: consider adjusting the time needed for production and supply networks set up in the territory of EU. The products manufactured by the two countries in the EU area using EU production materials are first identified as domestic production within 3 years. When the other goods are shipped through EU, they will be identified for the first time within 3 years. Therefore, the Korean company's goods can be exported to the United Kingdom via the EU logistics center, and it can be applied to the Korean British FTA.

(three) intellectual property rights: retain the geographical indications identified by Han -EU FTA, and decide 64 kinds of agricultural products and alcoholic beverages, such as Scotch whisky and Irish whisky, such as two Scottish whisky and Irish whisky, Korean green tea, Chun Chang traditional chilli sauce, Lichuan rice, Korea people, high open Raspberry and Jindo red wine.