Britain and South Korea have agreed to extend a period of low or zero tariffs on bilateral trade by two years, ahead of talks to forge a new trade deal, the British government said on Monday, in a boost for the car industry.
Without the extension, British businesses, such as automakers and food and drink companies, would have faced high tariffs from Jan. 1 on exports of products made using materials from the European Union, under so-called rules of origin, and on products shipped via the EU.
Britain's minister for international trade, Nigel Huddleston, said extending the tariff-free period would provide welcome certainty for businesses.
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