Wednesday, November 13, 2019
National Assembly Passes South Korea-U.K. FTA
First Asian Country to Ratify FTA with U.K.
National Assembly Passes South Korea-U.K. FTA
  • By Jung Suk-yee
  • October 29, 2019, 09:07
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South Korea has completed its domestic ratification procedure for the South Korea-U.K. FTA.

 

South Korea completed its domestic ratification procedure for the South Korea-U.K. FTA by its National Assembly passing the agreement on Oct. 28.

The FTA, which is to cope with Brexit, immediately becomes effective in the case of a no-deal Brexit and becomes effective after the transition period otherwise.


South Korea has become the first Asian country that completed FTA ratification in relation to the United Kingdom. This means its preferential tariffs can be maintained in any Brexit scenario and it can remain more competitive than other countries.

The Ministry of Trade, Industry and Energy is planning to hold South Korea-U.K. FTA briefing sessions for South Korean enterprises in Gwangju on Oct. 29, Cheongju on Oct. 31, Daegu on Nov. 12 and Busan on Nov. 14.

“Companies wishing to utilize the South Korea-U.K. FTA can be provided with consulting services via our call center and many more arms across the country,” the ministry explained, adding, “The detailed content of the agreement is available on our official website.”