South Korea signs FTAs with U.K and Israel

SEOUL - South Korea has signed free trade agreements (FTAs) with the U.K. and Israel. The FTA with London is designed to ensure stable trade and economic relations, even should the U.K. leave the European Union (EU) under a "no-deal" Brexit. Through the FTA with Israel, Korea seeks diversification of its supply chains in response to Japan's recent export curbs.

Korea will have the same tariff exemptions in the U.K. on major exports such as cars and automotive parts as it does under Seoul's FTA with the EU.

Korea and the U.K. also agreed on agricultural safeguard measures for sensitive farm products such as beef, pork and apples at levels lower than those under the Korea-EU agreement. 

For rules on country of origin, goods manufactured with EU, materials will be considered British goods for three years..

Korea becomes the first Asian nation to conclude an FTA with Israel. When the accord with Israel takes effect, Korea will abolish tariffs on 99.9% of the value of Israeli imports and Israel will do the same in phases for all Korean imports.

Tariffs on major Korean exports like cars, automotive components, textiles and cosmetics will be immediately lifted and those on major Israeli imports, including equipment for semiconductor manufacturing and electronic devices, will be abolished within three years. 

www.korea.kr  (ati).