UK manufacturers salute South Korea tariff deal

UK car makers are celebrating a two-year extension to rules which help British companies to access lower or zero tariffs when selling goods to South Korea.

The extension has been secured under the UK-South Korea free trade agreement and comes as welcome news for businesses who can continue to avoid the high tariffs imposed by South Korea on products entering the country. 

South Korea is the 13th largest economy in the world and set to grow rapidly with an import market expected to grow 45% by 2035. The UK’s trade with Korea has more than doubled since the original FTA was negotiated.