Trade Agreements: South Korea
The question
To ask the Secretary of State for Business and Trade, what assessment he has made of the accessibility of information about (a) streamlined import/export documentation and (b) simplified licensing rules under the UK-South Korea Free Trade Agreement for businesses with limited international trade experience.
Answered by Chris Bryant
The upgraded UK-Republic of Korea FTA will include provisions to streamline import and export documentation requirements by simplifying customs declarations and allowing businesses to self-certify the origin status of their goods so that they can qualify for preferential tariffs. The Republic of Korea has also committed to publishing customs information in English, making it more accessible for UK businesses. The FTA also streamlines licensing processes by encouraging online publication of key information, eliminating unreasonable fees and facilitating electronic payments.
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