countries across globe are worried about
how brexit could affect their economy
Korea is no exception however it seems
unlikely the divorce will drastically
shake up so London ties Youngman
explains further the impact of brexit on
South Korea is expected to be small as
there will be little change in South
Korea's economic relationship with the
UK during the UK's transition period
where a negotiates is future
relationship with the EU South Korea and
the UK will maintain two reduced or
eliminated tariffs that they currently
enjoy under the korea-eu free trade
agreement and once the transition period
ends the two countries will immediately
implement a new bilateral FTA that
basically keeps the current terms the
talks for their agreement began in 2016
as the two countries started discussing
ways to reduce any negative impact that
could stem from Britain leaving the EU
and last August so much Trade Minister
Yoo Myung Yi and our UK counterpart
Elizabeth truss met in London to sign
the new Korea UK FTA here's some key
takeaways from that FTA signed between
South Korea and his second largest free
partner in the EU first both countries
will maintain tariff concessions on all
manufactured goods that means South
Korea will be able to continue exporting
his key items like automobiles and auto
parts without any tariffs without the
agreement Korean cars will be slapped
with a ten percent tariff second two
sites will enhance protective measures
for their respective sensitive
industries by lowering the threshold
required for an implementation of
emergency agricultural safeguards
measures the protective products include
Irish whiskey from the UK and beef from
South Korea the agreement is set to take
effect from January 1st next year
although the immediate impact is limited
on the trade front there will be some
changes in customs and certification for
example local companies that are
certified by the UK will have to be
separately certified by the EU and
vice-versa while largely replicating the
current trade terms the two countries
say that there are planning to upgrade
their agreement after a series of
additional negotiations during the
transition period jung-in arirang news
