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Korea Free Trade Agreements List

Korea Free Trade Agreements List

An annual trade committee at ministerial level has an oversight role and aims to ensure the proper functioning of the agreement. The EU-South Korea Trade Agreement contains four sectoral rules on the Free Trade Agreement on non-tariff barriers, notably in the automotive, pharmaceutical, medical device and electronics sectors. Under the EU-South Korea Free Trade Agreement, all rules on pharmaceuticals and medical devices must be published at an early stage so that companies have enough time to understand them. In the first five years of the agreement, EU exports to South Korea increased by 55%, European companies saved €2.8 billion in reduced duties and trade in goods between the EU and South Korea reached a record high of more than €90 billion. The EU-South Korea Free Trade Agreement had been provisionally in force since July 2011, before its formal ratification in December 2015. The customs authorities of the exporting country may encourage any exporter who exports products under the trade agreement to file origin declarations for products regardless of their value. The exporter must provide the customs authorities with sufficient guarantees so that the originating status of the products and compliance with all the other requirements of the Agreement (Protocol) can be verified. . . .