South Korea International Trade Agreements

The rules of origin are set out in the protocol on the definition of « native products » and the method of administrative cooperation of the EU-South Korea Free Trade Agreement (OJ L 347 of 31.12.2006, p. 1). L127, 14.5.2011, p. 1,344). South Korea`s export policy is one of the most important factors in its economic success. The country is the world`s fifth largest exporter of goods and the 9th largest importer (CIA World Factbook). In 2018, trade accounted for almost 83% of its GDP (World Bank). The country mainly exports electrical equipment (15% of total exports), vehicles (6.8%), oil (5.8% and ships (4.2%). The main imports are oil (12.5%), electrical equipment (7%), hydrocarbons (3.9%) Coal (3.1%). The trade agreement preserves EU rules and rules in the chemical sector and establishes cooperation on regulatory transparency in areas such as the EU-South Korea trade agreement, which offers you better opportunities to apply for South Korean government procurement. South Korea is highly integrated into international trade and international finance and is subsequently highly vulnerable to external influences, particularly China, which is its largest trading partner (26.8% of the total), followed by the United States (12.1%), Vietnam (8%), Hong Kong (7.6%).

The main suppliers are China (19.9%), the United States (11%), Japan (10.2%), Saudi Arabia (4.9%). (Comtrade data). South Korea has free trade agreements with many countries (the last with five Central American countries) that account for more than 70% of the world economy. The country is still considering joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement, signed by 11 Asia-Pacific countries in March 2018 and which concluded the Comprehensive Regional Economic Partnership (RCEP) in November 2019. The U.S.-Korea Free Trade Agreement came into force on March 15, 2012. If you are a U.S. exporter, here are resources to answer your questions about the U.S.-Korea trade agreement: for electrical safety, South Korea has the option to continue to apply for third-party certification for a shortlist of 53 items if it can justify that they pose a risk to human health and safety. These are listed in the trade agreement of Schedule 2-B, Appendix 2-B-3. The EU-South Korea Free Trade Agreement (FTA) had been in force on an interim basis since July 2011, before being officially ratified in December 2015. It went beyond all previous EU agreements to remove trade barriers and was also the EU`s first trade agreement with an Asian country.

The trade agreement provides details on enforcement measures in the event of intellectual property infringement, such as the agreement establishing a customs committee to review and resolve potential disputes over customs and trade facilitation, including EU-South Korea cooperation on technical regulations, standards setting and compliance assessment to facilitate international trade. This ensures that you do not waste money and/or time in double or multiple procedures. The EU-South Korea trade agreement contains four sectoral rules for the trade agreement that requires subsidies to be transparent.