HMRC has published an information paper (CIP (11)62) providing further information on the application of the free trade agreement between the EU and South Korea. The key points cover:
• A link to “A guide to the new Reciprocal Preferential Trade Agreement with South Korea”
• Consignments for which no formal proof of origin is required
• Low value origin declarations
• The format for approved exporter numbers issued in South Korea
There are a number of key conditions that must be met in order for goods to benefit under a Free Trade Agreement. If you would like more information on how to meet these conditions and protect yourself from retrospective challenges by the customs authorities please contact us.