South Korea and UAE Finalize CEPA, Positive 'Duty-Free' Impact Expected in Cosmetics Industry South Korea has finalized a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), marking the first such trade agreement with the Middle East region. This deal holds particular significance for the cosmetics industry. Within five years, tariffs on cosmetics will be completely eliminated. This comes as a competitive advantage for South Korean beauty products, particularly since major regions like the U.S., Japan, and the EU have yet to establish FTAs or CEPAs with the UAE. Beyond cosmetics, the deal includes the lifting of tariffs on medical devices, agricultural and fishery products, and appliances, positively impacting a range of South Korean exports. In the energy sector, tariffs on crude oil will be phased out over a decade, likely boosting cost competitiveness for industries that use petroleum as a raw material, including cosmetics. The formal agr...
Comments
Post a Comment