Uk Trade Agreement With Korea

37.The agreement does not meet the public procurement obligations set out in the EU-Korea agreement. These commitments are based on the timetables of the WTO public procurement agreement24. Koreans have taken a positive and pragmatic approach to the talks, but the UK`s difficult trade negotiations with the EU, which are now facing an increasingly uncertain timetable due to the pandemic, are likely to create some disagreements. Under the current EU trade agreement, there is a provision that covers Korean companies that manufacture products using equipment from several countries. This must be emulated in the future by the EU, Britain and Korea, she said. 15.Dr Siles-Bruges noted that these parts of the agreement „contain important provisions, including rules of origin, regulatory cooperation for certain key asset sectors … and timetable for liberalisation of services.“ He noted that there was a revision clause in the agreement and noted that the amendments raise questions about the lack of control over „trade policy decisions with potentially significant internal political consequences.“ Dr Siles-Bruges concluded: „To ensure the political legitimacy of UK trade policy, there is a strong case for substantial changes to trade agreements to be considered by Parliament.“ 5 Tariffs on bilateral trade in goods between the United Kingdom and South Korea will continue to apply as soon as the agreement enters into force. However, in some cases, non-preferential rates may be lower due to changes to the most favoured nation scale in 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 obligations on services not subject to parliamentary scrutiny.

Such changes can be summed up as important trade policy decisions and would not be subject to parliamentary scrutiny. 45.Dr Siles-Bruges said this meant that any additional market access offered by the UK to third parties in a future trade agreement, including the EU, should be offered to Korea.30 Ms Truss said that the agreement would allow companies such as luxury carmaker Bentley to „maintain trade as they do today and that they will be able to seize the opportunities offered by Brexit“. The UK signs the free trade agreement with South Korea after Brexit 9.Article 15.5bis provides that contracting parties will enter into negotiations no later than two years after the agreement enters into force „to build on the existing terms of the agreement and to pursue liberalisation.“

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