Uk Korea Free Trade Agreement

13.In parliament`s report, it is explained that the agreement retains most of the provisions and institutions of the EU-Korea agreement, but with some modifications “in order to ensure that they operate in a bilateral context”. A Trade Commission will be composed of representatives from each party and will be co-chaired by the Korean Minister for Trade and the UK Secretary of State for International Trade. The Trade Committee meets once a year and ensures, among other things, that “. the agreement functions properly and “monitors and facilitates the implementation and enforcement of [the agreement]” (Article 15.1). The agreement is expected to enter into force on 1 January 2021 (or as soon as possible). 40.A significant share (28%) of trade between the United Kingdom and Korea is services. DIT officials told us that service obligations have been replicated to the extent possible, including those discussed in our 2017 report. Parliament`s report notes minor, largely technical changes to the provisions on postal and courier services, the management of inland waterways and the recognition of professional services. The agreement includes provisions allowing co-produced audiovisual works to benefit from EU rules to promote local/regional content, with an amendment to replace “EU systems” with “UK systems”. The tariff quotas in the agreement have been specially adapted to the United Kingdom.

54.In addition, the Trade Committee established under the Agreement will be able to amend important provisions, including rules of origin, regulatory cooperation and service obligations without parliamentary scrutiny. Such changes can be reduced to important trade policy decisions and would not be subject to parliamentary scrutiny. The trade agreement between the United Kingdom and Korea delegates, as far as possible, the free trade agreement between the EU and Korea through some technical amendments. Below is a brief description of customs rules, preferential origin, agricultural protection measures and intellectual property under the new UK-Korea Free Trade Agreement. The full text of the agreement is available here. [3] 39.The EU-Korea Agreement provides for substantial liberalisation of access to the parties` services markets, well beyond their obligations under the WTO General Agreement on Trade in Services (GATS). It covers a number of sectors, including telecommunications; environmental services; transportation; construction; Finance, mail and express shipping; and professional services such as legal, accounting, engineering and architectural services. We discussed these provisions in more detail in our 2017 report Brexit: Trade in Non-Financial Services.26 15.Dr. Siles-Bruges said these parts of the agreement “contain important provisions, including rules of origin, regulatory cooperation for certain key sectors of goods. and timetables for services liberalization obligations.” He drew attention to the existence of a review clause in the agreement and noted that the amendments raise questions about the lack of control of “trade decisions that may have significant domestic policy implications”. Dr.

Siles-Bruges concluded: “To ensure the political legitimacy of UK trade policy, there is a strong argument that substantive changes to trade agreements should be considered by Parliament.” 5 31.The UKTPO stressed that while this would maintain the status quo for bilateral trade between the UK and Korea, it would constitute a change in trade between the two sides with the EU. . . .