The trade agreement preserves EU rules and regulations in the chemical sector and introduces cooperation on regulatory transparency in areas such as the agreement, which also allows for bilateral cumulation. Materials originating in South Korea may be considered as originating in the EU if they are used in the manufacture of a product in the EU and vice versa. The U.S.-Korea Free Trade Agreement entered into force on March 15, 2012. If you are a U.S. exporter, here are some resources to answer your questions about the U.S.-Korea trade deal: trade between the two sides was worth €64 billion in 2007. The EU is the second largest importer of South Korean products. South Korea is the eighth largest importer of goods from the EU. [6] The agreement is commonly referred to as the first of the new generation free trade agreements signed by the EU to address trade concerns beyond tariffs. These main concerns include non-tariff barriers (NON-TARIFF BARRIERS); they are significant barriers to trade both in Korea and at EU level.

In fact, non-tariff barriers are estimated to have the same level of protection as a tariff, with 76% in Korea and 46% in the EU. [8] According to some studies, an agreement can increase trade by up to 40% in the long term. [9] According to the EU-South Korea Free Trade Agreement, all rules on medicines and medical devices must be published in advance so that companies have sufficient time to understand them. These bodies also provide an opportunity to seek solutions to market access problems and to engage in closer cooperation on regulatory issues. An annual trade committee at ministerial level has an oversight function and aims to ensure the proper functioning of the agreement. Eu-South Korea trade agreement protects European geographical indications (GIs) for South Korean car manufacturers In addition to South Korean car manufacturers, other key beneficiaries of the free trade agreement include European food exporters who have benefited from the application of geographical indication rules in the South Korean market. For example, exporters of some well-known European cheeses and wines (such as French Roquefort and Spanish Rioja) are guaranteed the recognition and protection of their region-specific brands in South Korea. A total of 162 EU products have benefited from such protection since the introduction of the EU-Republic of Korea Free Trade Agreement.

The Agreement establishes a Customs Committee which may examine and resolve any divergences on customs and trade facilitation matters, including those provided for in the measures implementing the Trade Agreement in the event of infringement of intellectual property rights, such as.B. Overall, the EU-South Korea Free Trade Agreement has been a win-win situation for the EU and South Korea. Nevertheless, the last ten years of bilateral free trade have also led to some points of contention. Labour and hygiene standards issues remain the main obstacles to further trade integration. For the second decade of the EU-ROK Free Trade Agreement to succeed as successfully as the first decade in creating and integrating bilateral trade, both sides should focus on addressing outstanding disputes related to labour and hygiene standards. These problems could be solved by strengthening the enforcement mechanisms of the T&D chapter and clarifying its legal implications. Any renegotiation or modernisation of the FTA should also include provisions on new trade-related areas such as e-commerce, green technologies and cross-border data flows, which occupy an important place in the current global economic landscape. Including such changes in an improved free trade agreement would undoubtedly help to consolidate the economic pillar of the valuable EU-South Korea partnership. A public electronic database of applications and registrations is at your disposal to verify trademarks. The database also contains rights to registered and unregistered designs. For the EU, the free trade agreement with South Korea heralded a new era of FTA engagement with Asia.

Before the EU-South Korea Free Trade Agreement, the EU was the only major power not fully committed to signing free trade agreements with Asian countries. That changed with the signing of a free trade agreement with South Korea. Not only did the EU succeed in implementing a free trade agreement with South Korea before the US, but the EU then signed other ambitious trade agreements with other Asian countries. The Economic Partnership Agreement with Japan and the EU-Vietnam Free Trade Agreement, which entered into force in 2019 and 2020 respectively, are notable examples of the EU`s recently discovered FTA engagement strategy in Asia. The EU-South Korea trade agreement expands the treaties you can compete for. In South Korea, EU companies can now bid on build-operate-transfer (BOT) (concession services) contracts. If your company is a service and construction provider in the EU, you can apply for large infrastructure projects in South Korea, such as. B, the construction and operation of motorways. The agreement lists the geographical indications covered by two annexes. In addition, the trade agreement requires that subsidies be transparent. If the EU or South Korea uses grants, they must report the total amount, type and offer of grants each year.

Detailed provisions relating to motor vehicles and parts covered by the Agreement are set out in Annex 2-C Motor vehicles and parts and its Annexes. The free trade agreement between the EU and South Korea also marked South Korea`s entry into the “free trade agreement”. Before the agreement with the EU, South Korea`s only free trade agreement was the one it signed with Chile in 2003. In other words, South Korea was lagging behind the global trend of free trade agreements and trying to catch up. By signing a free trade agreement with the EU, South Korea has been able to strengthen its influence over middle power in the growing area of bilateral trade liberalization. South Korea now has a total of 15 free trade agreements in place (with key economic players such as India and ASEAN) and it has ongoing negotiations with others, including Russia and the Mercosur trading bloc. Ultimately, the liberalization of the free trade agreement in South Korea helped strengthen its export-oriented development strategy for industrialization. The EU-South Korea Free Trade Agreement will remove almost 99% of all import duties on goods originating in the EU or South Korea1, making importing and exporting easier and cheaper. It has been in force since 2011 and all it takes is a simple explanation that needs to be added to the commercial invoice. EU exports to South Korea increased by 77% between 2010 and 2018, with European companies enjoying duty-free access to the lucrative South Korean market.2 The deal was the most comprehensive the EU has ever negotiated to date: import duties on all products have almost been eliminated and trade in services is heavily liberalised. It contains provisions on intellectual property (including geographical indications), public procurement, competition, regulatory transparency and sustainable development. There are also specific commitments against non-tariff barriers in sectors such as automotive, pharmaceuticals and electronics.

[4] Prior to the agreement, EU exporters of consumer electronics and household appliances to South Korea had to carry out costly dual testing and certification procedures in South Korea in order to sell their products. However, you can now take advantage of an improved regulatory environment for your products. You can find out more about the chemicals covered by the agreement here: Annex 2-E Chemicals. After eight rounds of negotiations, the FREE TRADE AGREEMENT between the EU and the Republic of Korea was finally signed in 2010 and provisionally applied from July 2011. .