Negotiations for a new UK-South Korean Trade Agreement are reaching their conclusion. UKFT has been in close communication with the UK government to push for key concessions to support UK exports, while at the same time seeking to ensure that there are no substantial new risks to the UK from imports from South Korea. With every renegotiation of trade agreements, there are always risks that some parts of the industry will benefit more than others.

One area where UKFT has been pushing very hard is for EU Cumulation to be extended. UKFT believes that this is likely to go ahead subject to ratification. Not all tariff headings will be included in this as some sectors are of strategic importance for the South Korean economy.

However, in the interim UKFT is aware that a temporary extension of EU Cumulation for some tariff headings is expected to be agreed from 1 January until midway through 2027.

UKFT will update members as soon as more information is available.