Free Trade Agreement Between Eu And South Korea

They can benefit from a more open South Korean services market under the trade deal. The EU-South Korea trade agreement protects European geographical indications (GIs), as the trade agreement also requires subsidies to be transparent. If the EU or South Korea use subsidies, they must report annually the total quantity, nature and supply of subsidies. The Free Trade Agreement covers all important areas of trade relations, including trade in goods, trade in services, government procurement, competition and intellectual property. A Joint Committee shall be set up to monitor the Agreement and a chapter shall provide for dispute settlement procedures. In addition, the EFTA States and Korea have concluded bilateral agreements on basic agricultural products. An investment agreement has been concluded between Korea, of the one part, and Iceland, Liechtenstein and Switzerland, of the other part. The agreement was the most comprehensive the EU has ever negotiated so far: import duties on all products have been almost eliminated and trade in services is deeply liberal. It contains provisions on intellectual property (including geographical indications), public procurement, competition, regulatory transparency and sustainable development.

There are also specific obligations against non-tariff barriers in sectors such as automotive, pharmaceuticals and electronics. [4] The agreement set up a number of specialised committees and working groups between the two parties to monitor its implementation. The EU-South Korea Trade Agreement contains four sectoral rules in the field of government procurement In the chapter on government procurement (Article 6(1)-(3) and Annex XII), the Parties recognise that the WTO Agreement on Government Procurement (GPA) governs the rights and obligations of the Contracting Parties. The chapter also ensures that the parties can have an “early harvest” of the results of negotiations between the parties in the context of negotiations to amend the WTO GPA. In 2010, the EU and South Korea strengthened their wider relations with a strategic partnership. On 10 May 2010, the two parties signed a framework agreement which entered into force on 1 June 2014. It forms the basis for enhanced cooperation on important political and global issues such as human rights, the non-proliferation of weapons of mass destruction, the fight against terrorism, climate change and energy security. It is a comprehensive political cooperation agreement with a legal link to the EU-South Korea Free Trade Agreement.

Find out more about the practical application of the agreement. A public electronic database containing registrations and registrations is at your disposal to verify trademarks. The database also contains rights to registered and unregistered designs. Prior to the deal, European exporters of consumer electronics and home appliances to South Korea had to perform dual and expensive testing and certification procedures in South Korea to sell their products. Now, however, you can take advantage of an improved regulatory environment for your products. The EU and South Korea are now working together on technical regulations, setting standards and conformity assessments to facilitate international trade. This ensures that you do not waste money and/or time on double or multiple procedures. The EU-South Korea Free Trade Agreement eliminates almost 99% of all import duties on products originating in the EU or South Korea1 and makes importing and exporting easier and cheaper. It has been in effect since 2011 and all it takes is a simple explanation that is added to the commercial invoice. EU exports to South Korea increased by 77% between 2010 and 2018, with European companies using duty-free access to the lucrative South Korean market2 The European Commission publishes information on the committees set up under the EU-South Korea Free Trade Agreement. . .