When it comes to international trade agreements, the United Kingdom (UK) has been actively involved in negotiating deals with countries around the world. One such country is South Korea, which has become an important trading partner with the UK. But, does the UK have a free trade agreement with South Korea?
The answer is yes. The UK and South Korea signed a free trade agreement (FTA) on August 22, 2019. The FTA builds on the existing agreement between the European Union and South Korea, which came into force in 2011. The UK-South Korea FTA replicates the terms of the EU-South Korea FTA as closely as possible, ensuring continuity in trade between the two countries.
The FTA benefits UK businesses by opening up South Korean markets, providing new opportunities for UK companies to sell their goods and services to South Korean consumers. The FTA eliminates tariffs on a range of UK exports, including pharmaceuticals, food and drink, and machinery. This makes UK products more competitive in the South Korean market, helping to boost exports and create jobs in the UK.
In addition to the economic benefits, the FTA also includes provisions that protect labor rights and the environment. This includes commitments to uphold standards on workers` rights, such as the right to collective bargaining and the elimination of forced labor and child labor. The FTA also includes provisions that promote sustainable development, by committing both countries to effectively enforce environmental laws and protect biodiversity.
In conclusion, the UK does have a free trade agreement with South Korea. This agreement provides UK businesses with increased access to South Korean markets, while also promoting labor rights and environmental protection. The FTA is an important step in strengthening economic and diplomatic ties between the UK and South Korea, and is a positive development for businesses and consumers in both countries.