Free Trade Agreements Of South Korea

The EU and South Korea are cooperating to recognise disease-free zones to increase predictability for you as exporters. The U.S.-Korea Free Trade Agreement entered into force on March 15, 2012. If you are a US exporter, here you will find resources to answer your questions about the US-Korea trade deal: in the first five years of the deal, EU exports to South Korea increased by 55%, European companies saved €2.8 billion in reduced tariffs, and trade in goods between the EU and South Korea reached a level. record of more than 90 billion euros. The Republic of Korea is a member of the World Trade Organization (WTO) and has signed subsidiary agreements, including TRIPs (Trade Related Aspects of Intellectual Property) and the Agreement on Government Procurement. These bodies also offer the opportunity to find solutions to market access problems and to strengthen regulatory cooperation. 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 offers you better opportunities to apply for South Korean public contracts. The EU-South Korea trade deal expands the treaties you can compete for.

In South Korea, EU companies can now apply for Build-Operate Transfer (BOT) (concession services) contracts. If your company is a European construction and services company, you can compete for large infrastructure projects in South Korea, for example. B the construction and operation of motorways. They can benefit from a more open South Korean services market under the trade deal. Most industrial products, including fish and other seafood products, will have duty-free access to their markets from the entry into force of the agreement. For certain products imported into Korea, customs duties are to be abolished after a transitional period or after joint verification by the Parties (Annex V and Annex VI). South Korea now accepts INTERNATIONAL UNECE or EU standards as equivalent to all major South Korean technical regulations. If your vehicles meet these standards, your product does not have to meet additional requirements to be exported under the EU-South Korea trade agreement.

Comments are closed.