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.

The Republic of Korea will also be a specified party for the purposes of the Customs and Excise Act 2018, under the Customs and Excise (Specified RCEP Parties) Order 2021 on and from 1 February 2022.