[FTA HONG] Summary of the Korea-United Kingdom(UK) FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
The UK already has an FTA with Korea through the Korea-EU FTA, but due to Brexit, the UK left the EU, and the Korea-UK FTA came into effect on January 1, 2021 to maintain existing trade preferences. “UK” means the United Kingdom of Great Britain and Northern Ireland. The Korea-UK FTA has very similar rules to the Korea-EU FTA. However, in light of Brexit, there are special rules in areas such as Direct transport to the EU and Cumulation of origin concerning the definition of ‘originating products’ and methods of administrative cooperation provides that Article 3 Cumulation of origin 1. Notwithstanding Article 2, products shall be considered as originating in a Party if such products are obtained there, incorporating materials originating in the other Party or in the EU, provided that the working or processing carried out goes beyond the operations referred to in Article 6. It shall not be necessary that such materials have undergone sufficient wor...