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British Prime Minister Boris Johnson is holding a press conference at the Prime Minister’s Downing Street residence in London on the 24th (local time). The United Kingdom and the European Union (EU) have agreed to negotiate future relations under Brexit. [AP=뉴시스]
The UK and the European Union (EU) eventually agreed on the terms of Brexit (the UK’s withdrawal from the EU). On the 24th (local time), a week before the breakup, negotiations on future relationships, including trade terms, were completely concluded. Four years after Britain decided on Brexit via a referendum in 2016, and 47 years after joining the European Economic Community (EEC) in 1973, it was a ‘consensual divorce’.
Dramatic ‘Brexit’ conclusion of future relationship negotiations
Escaping the crisis of the prices of basic necessities and medicines soaring
A war of nerves until the last minute for fishing rights
National companies Local EU products without tariffs
Some machines, etc. they may not receive special benefits.
British Prime Minister Boris Johnson said: “We have regained control over our law and our destiny. It’s good business for all of Europe, “he said.” We will be friends and the best markets in Europe. “” We have reached a fair and balanced agreement, “said Ursula Ponderrayen, the EU commissioner.” It was a long and tortuous road, but in the end a good agreement was reached.
The two parties agreed to a Free Trade Agreement (FTA) based on a duty-free quota that does not impose taxes on imported and exported goods and does not impose restrictions on the volume of transactions. With this, it will be possible to prevent the so-called ‘no deal’ Brexit from being withdrawn without consensus, and the dizzying price of daily necessities and medicines, which was a concern. The BBC broadcast said: “Last year, the volume of trade between the UK and the EU amounted to £ 680 billion (about 1003 trillion won).”
Free trade agreements cover not only trade, but also investment, competition, state subsidies, energy, and data protection. However, the agreement did not address specific details of the financial sector, foreign policy, foreign security and defense cooperation. The sector that suffered until the end was the right to fish. That’s why Prime Minister Johnson appeared in a fish print tie at a press conference to announce news of the deal.
The two parties agreed to reduce the quota of fishing vessels in EU member states operating within the UK’s Exclusive Economic Zone (EEZ) by 25% over the next five years and six months. Initially, the UK wanted an 80% cut and the EU demanded equal treatment with British fishing boats, but they turned away from each other in the face of a catastrophe.
The country that faced Great Britain until the last minute was France. This is because President Emmanuel Macron has maintained a strong attitude due to the traditional love-hate relationship and the livelihoods of the fishing workers in northern France. The negotiation proposal comes into force after approval by the British Parliament, the EU member states and the European Parliament, respectively.
In this sense, the Korea International Trade Association analyzed on the 25th that “the effect of the result of this negotiation on national companies that export directly to the United Kingdom or the EU will be negligible.” First, as the Korea-England FTA was officially signed on August 22 last year, the preferential trade relationship between the two countries continues. In addition, domestic companies that manufacture products in the EU and export them to the UK are also subject to tax-free benefits when clearing the EU and UK.
However, there are cases in which preferential tariff treatment is not received depending on whether the rules of origin are met. For example, automobiles, related parts, and machinery applying the value-added standard may not be recognized as domestically produced products as the proportion of parts made in Korea increases.
The certification regulations are different. The EU plans to stop recognizing the validity of the ‘CE certification’ which has been assessed by an accredited UK agency after the implementation period is over. The UK has also announced its own ‘UKCA certification’ which replaces CE certification.
Reporter Jeong Eun-hye [email protected]
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