South Korea agrees deal with UK for post-Brexit trade (FT)

  • The UK has reached an agreement with South Korea to implement a free trade agreement (FTA) on broadly the same terms as the existing EU-Korea FTA. However, Britain has not been able to secure tariff-free trade for goods with content from Europe and the UK and will need to obtain South Korea’s consent to maintain existing tariff-free terms for UK goods with significant European components and for UK components in EU exports.
  • The UK has now secured agreements accounting for 63 per cent of trade covered by FTAs — a 35 per cent increase from three months ago.
  • The UK and South Korea intend to ratify the deal before the scheduled departure date on 31 October. The deal is not a permanent trade deal and would need to be renegotiated within two years.
  • In 2017, bilateral trade was worth £13.3bn and has increased on average 12 per cent a year since the signing of the EU-South Korea FTA.

EU to warn business not to expect help over a no-deal Brexit (FT)

  • The Financial Times reported, based on a paper it has seen, that the EU is to announce on Wednesday that businesses should “take advantage of the extra time” to make preparations for a no-deal Brexit.
  • The EU is to announce that amendments to EU law and other contingency measures would mitigate only “the most serious disruptions” of a no-deal Brexit.
  • Such rhetoric from Brussels is expected to increase as several Conservative Party leadership contenders have either expressed support for a no-deal Brexit or would accept departure on such terms if the EU refuses to renegotiate the terms of the deal.
Author

Jessica's practice focuses on international trade and anti-bribery work, encompassing customs, export control and sanctions matters. Jessica's trade work includes advising international clients on fast-moving and evolving EU and UN sanctions, notably in respect of Iran and Russia, and on compliance with UK and EU export controls. Her trade experience also includes advising on tariff classification and customs valuations. Jessica's anti-bribery experience includes assisting with investigations, and advising clients on compliance with anti-bribery laws. Jessica has also taken a lead role in monitoring Brexit-related developments; analysing how they will affect the UK's trading position generally, and clients' businesses specifically. She has helped clients begin to conduct risk assessments of how Brexit will impact their businesses, and has assisted them in developing tailored Brexit strategies. Jessica also presents at various seminars, webinars, and conferences on the complexities of Brexit. Jessica advises global clients on complex issues arising from international transactions and works with clients across a number of sectors including pharmaceuticals, defence, finance, aviation, energy, and telecommunications. Jessica has also worked previously in Paris, and is fluent in French.

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