Explanatory note
This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on 1 February 2022, amends the Tariff (Specified RCEP Parties) Order 2021 (the principal order). It declares the Republic of Korea to be a specified party to the Regional Comprehensive Economic Partnership (the RCEP) for the purposes of the Tariff Act 1988. The RCEP is a free trade agreement done at Hanoi, Vietnam, on 15 November 2020.
This order inserts the Republic of Korea into the list of specified RCEP parties in the Schedule of the principal order with the date of 1 February 2022 next to it. That means that, on and from that date, the Republic of Korea will be—
a specified RCEP party (see clause 3(3) of the principal order); and
entitled to preferential tariffs set under the Tariff Act 1988 in accordance with the RCEP.
Regulatory impact statement
The Ministry of Foreign Affairs and Trade produced an extended national interest analysis (that took the place of a regulatory impact assessment) on 22 October 2020 to help inform the decisions taken by the Government relating to the RCEP.
A copy of the national interest analysis can be found at—
Issued under the authority of the Legislation Act 2019.
Date of notification in Gazette: 22 December 2021.
This order is administered by the Ministry of Business, Innovation, and Employment.