FEA members to play pivotal role in UK and Republic of Korea (RoK) Free Trade Agreement (FTA) upgrade renegotiations

The UK and Republic of Korea (RoK) are due to launch an upgrade of the existing Free Trade Agreement (FTA) later this year.?When the Department for Business and Trade (DBT) negotiated the original continuity agreement with South Korea, they agreed a timebound clause that allowed for the use of EU content in meeting the EU-RoK rules of origin, which the agreement still contained.

The DBT also agreed a timebound clause on shipping goods via the EU as part of the Direct Transport provision. These clauses were set to expire on 1 January 2024.?In advance of launching these upgrade negotiations, DBT are pleased to announce that both parties have agreed to an extension to these timebound clauses.?

These extensions will provide certainty for businesses trading between the UK and RoK and mean that exporters in both the UK and RoK will be able to continue using EU cumulation arrangements as they have done to date, while negotiations are ongoing.?

The extensions will apply for a further two years while the UK and RoK work to agree a new future proofed set of rules of origin, specifically tailored to our bilateral trade. This agreement allows for both parties to agree to extend this period further, should it be required.??

The UK looks forward to productive negotiations with the RoK in this area, focused on delivering an agreement which provides continuity in existing trade, allows both economies to maximise future trading opportunities and protects against supply chain shocks.

Further information on the Free Trade Agreement.

The Department for Business and Trade want to hear from FEA members

As the DBT prepare for renegotiations, they are looking to understand business interests in the upcoming South Korea FTA to ensure they can prioritise the foodservice equipment sector's needs. Any insights would be welcome, especially around the following points:

• Goods export interests in South Korea, including any areas where your members are looking to grow exports to South Korea (for example, refrigerating or freezing equipment)
• Any detail on your members’ supply chains, including finished goods that contain EU inputs in trade with South Korea
• Any defensive concerns around trade with South Korea, including any areas where FEA members might be more concerned about imports (e.g., from China and SE Asia) undermining UK businesses, or alternatively, areas where FEA members might be interested to facilitate imports from South Korea to support UK industry needs.
• Any challenges experienced when trading with South Korea

FEA's contacts at the Department for Business and Trade are keen to engage with FEA members who might be willing to discuss any of the points listed above.

If you would like to arrange a discussion with the DBT regarding upgrading of the South Korea Free Trading agreement then please contact FEA's Technical and Policy Director, Andy Threlfall C.F.S.P. MInstR directly.

Connect with the FEA team

?? John Cunningham, Chief Executive

?? Andy Threlfall C.F.S.P. MInstR, Technical and Policy Director

?? Jocelyn Shawyer C.F.S.P., Events and Membership Manager

?? Adam Lawrence CFSP, Marketing Manager

?? Sarah-Jane Campbell, Administration Executive

Speak to the FEA

The?Foodservice Equipment Association?(FEA)?is the independent, authoritative voice of the foodservice equipment industry, representing 195 companies who supply, service and maintain all types of commercial catering equipment - from utensils to full kitchen schemes.??

If you like to join the FEA but are unsure where your company would fit in please have a look at our?Product Group Forums. We are an open and inclusive trade association that comprises of a community of like minded businesses of all sizes.

For more information on FEA visit?fea.org.uk?

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