South Korea Autos Q1 2021
The RCEP will be signed among ministers from the 15 participants – 10 countries in ASEAN, China, South Korea, Japan,Australia, and New Zealand. Under the trade deal, South Korea lowered trade barriers for its primary export items such as autos andsteel in ASEAN market. Trucks and passenger cars are currently subject to over 40% and 30% tariffs in the ASEAN market but thetrade pact will allow the rates to be reduced gradually to zero. This improves the growth prospects of South Korea's autosproduction industry as it will have easier access to a wider market.
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