The Ministry of Trade, Industry and Energy announced on Dec. 30 that the South Korea-U.K. FTA would become effective at 8:00 a.m. Jan. 1.
Previously, the United Kingdom decided on Jan. 31 this year to exit the European Union. The South Korean government concluded the FTA in August 2019 to fill the trade vacuum to result from the Brexit, which will actually occur at the beginning of next year. The FTA will eliminate the tariff on every industrial product and maintain zero-tariffs for South Korea’s major export items, such as automobiles and auto parts, like the South Korea-EU FTA.
In the meantime, the United Kingdom and the European Union signed a trade agreement recently. Zero-tariffs will be maintained in trade between the two regions, which means the tariff burden of South Korean enterprises in Europe is now substantially reduced.
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