FTA between Korea and the UK to Take Effect Next Year, Korea Customs Service's Guide to Utilizing FTA Benefits

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korea Customs Service is set to publish an e-book to guide trade policies and customs clearance systems in the UK ahead of the free trade agreement (FTA) between Korea and the UK coming into effect next year.

According to the Korea Customs Service on the 9th, the e-book includes 10 selected items, such as lithium-ion batteries and automobile wheels, which will benefit from the utilization of the FTA.

The selected items were chosen based on last year's data, targeting goods with preferential amounts to the UK exceeding $5 million and an FTA utilization rate of 60% or less.

In this case, the Korea Customs Service explained that domestic companies could enhance their export competitiveness by saving over $4 million in additional tariffs when exporting goods to the UK using the FTA.

To maximize these effects, the Korea Customs Service plans to provide separate guidance on how to use the e-book and the procedures for obtaining certified exporter status to 331 companies that have exported these 10 items to the UK.

A certified exporter refers to a company authorized by the Korea Customs Service to manage and certify the origin, allowing them to autonomously issue certificates of origin.

The e-book also includes major amendments to the new tariff law applied to goods imported and exported to the UK after Brexit, known as the UK Global Tariff.

Through the new tariff law, the UK maintains tariffs on industries such as the automobile sector and agriculture and fisheries to protect related industries, while abolishing tariffs on goods that are not produced domestically or have production constraints.

The e-book is available on the Korea Customs Service FTA portal and can be downloaded free of charge by anyone.

Meanwhile, the UK is regarded as one of the world's four major e-commerce markets alongside the United States, Germany, and China. The Korea Customs Service explained that due to the characteristics of UK consumers who are sensitive to time and cost, rapid growth in various delivery systems and mobile commerce is expected.

This content was produced with the assistance of AI translation services.