Free Trade Agreement Eu Korea

With respect to electrical safety, South Korea has the option of continuing to apply for third-party certification for a shortlist of 53 items if it can justify them pose a risk to human health and safety. These are listed in the trade agreement of Schedule 2-B, Appendix 2-B-3. Trade between the two sides amounted to 64 billion euros in 2007. The EU is the second largest importer of South Korean products. South Korea is the eighth largest importer of EU products. [6] The agreement is commonly referred to as the first of the next generation of free trade agreements signed by the EU that address trade issues beyond tariffs. These main concerns include non-tariff barriers (NBEN); they are significant barriers to trade in both Korea and the EU. Nb is estimated to have the same level of protection as a tariff of 76% in Korea and 46% in the EU. [8] According to some studies, an agreement could, in the long run, increase trade by 40%.

[9] 1 July 2019 will mark the eighth anniversary of the EU-South Korea free trade agreement. The agreement phases out tariffs on industrial and agricultural products. You can read here the drugs and medical devices covered by the agreement: Appendix 2-D Pharmaceuticals and Medical Devices. The FREE Trade Agreement BETWEEN the EU and South Korea (EEA) removes almost 99% of all import tariffs on products originating in the EU or South Korea1, making exports easier and cheaper. It has been in effect since 2011 and needs only a simple declaration to add to the commercial invoice. EU exports to South Korea increased by 77% between 2010 and 2018, with European companies using duty-free access to south Korea`s lucrative market (2). [19] It was signed on 6 October 2010 at the EU-Korea summit in Brussels. [16] [19] The European Parliament ratified the agreement on 17 February 2011.

[16] The South Korean legislator ratified the agreement on May 4, 2011. [20] [21] Detailed provisions relating to motor vehicles and parts within the scope of the agreement must be found in Schedule 2 C of motor vehicles and parts and its annexes.