UK – South Korea Trade Agreement
UK – South Korea Trade Agreement
Did you know that you could save money on your international shipments to and from South Korea?
The UK-South Korea Trade Agreement entered into force on 1 January 2021, enabling the vast majority of goods of UK or South Korea origin to continue to be traded tariff-free. All it takes is a simple declaration to be added to the commercial invoice.
Learn how you could benefit from the UK-South Korea Trade Agreement.
What’s in it for my business?
Cost savings
Duties on almost all products are removed and non-tariff barriers reduced.
Improved access
Simplified access to the South Korean market could mean new opportunities for your business in terms of competitiveness and investments.
Simpler regulation
UK and South Korean companies can continue to work together seamlessly and efficiently.
Simplified, modern customs procedures
Modern customs processes allow for quick and easy release of your goods.
NOTE: The trade agreement applies to duties, not taxes. Any applicable VAT for imports into the UK or South Korea still needs to be paid.
How can I benefit?
To benefit from reduced or 0% tariffs, products must be of ‘UK origin’. All it takes is a declaration. No formal certificate is required. Simply add the following to your commercial invoice (or any other commercial document) along with a detailed description of your goods as you would usually do:
Sample Statement of Origin:
(Period: from___________ to __________)
The exporter of the products covered by this document (Customs Authorisation No.______) declares that, except where otherwise clearly indicated, these products are of UK preferential origin.
__________________________________
(Place and date)
_________________________________
(Signature of the exporter, in addition to the name of the person signing the declaration has to be clearly indicated in clear script)
Important note: it is essential that the declaration is filled out correctly or it may be rejected by customs. Please consult the official text of the origin declaration which is laid out in Annex III of the official agreement. The text comes with explanatory notes and is available in English and Korean.
The Customs Authorisation No. is your Approved Exporter number. It is required for all shipments valued over €6000. To become an Approved Exporter, please visit the dedicated UK government website.
How can FedEx help?
Fast Intercontinental Shipping
We help your business reach its full potential. With our express parcel service, you can import from South Korea in just 1-2 days and export to South Korea in 2 days*.
Easy Customs Tools
Make clearance easier thanks to our free tools. With FedEx Electronic Trade Documents, reduce the risk of customs delays by submitting your documentation electronically.
Expert Knowledge
Take advantage of the Shipping Channel – a website containing easy-to-understand guides covering a wide range of topics. From paperwork and customs procedures to country-specific requirements.
*Service availability and transit times may vary depending on shipment type, origin and destination. FedEx terms and conditions apply.
Always make sure to check the rules and regulations of the country you’re shipping from and to prior to shipping.