The stock price of Sehwa P&C is soaring more than 23% on news that tariffs on cosmetics exported to the United Arab Emirates (UAE) will be gradually eliminated.
As of 10:28 a.m. on the 31st, Sehwa P&C is trading at 1,236 won, up 23.60% (236 won) from the previous trading day.
Korea and the UAE officially signed the Comprehensive Economic Partnership Agreement (CEPA) on the 29th of this month, which includes the gradual elimination of the 5% tariff on Korean cosmetics imported into the UAE. Accordingly, starting as early as next year, after ratification by the National Assembly, tariffs will be phased out. Immediately after ratification, tariffs will be reduced to 4%, and then lowered by 1% each year thereafter.
The Ministry of Trade, Industry and Energy predicted, "With this agreement, exports of cosmetics to the UAE will easily exceed 100 million dollars annually."
Sehwa P&C is a cosmetics specialist company that, after 47 years of research, holds over 20 core patents and unique hair dye and hair care technologies. It has established itself as a leading K-beauty company by supplying premium hair dyes and hair care products such as ‘Moremo’, ‘Moremo For Men’, ‘Revigin’, and ‘Richena’ to Asia, the Middle East, North America, and worldwide.
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