South Korea Trade Agreement With Eu

You must follow these rules so that your products can be evaluated to comply with the required technical standards. The TRADE agreement BETWEEN the EU and South Korea protects European geographical indications (GIS), as EU exports to South Korea increased by 55% in the first five years of the agreement, European companies saved 2.8 billion euros in tariffs and trade between the EU and South Korea reached a record level of more than 90 billion euros. NOTE: The trade agreement applies to customs duties, not taxes. All VAT on imports into the EU or South Korea has yet to be paid. 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. The free trade agreement also addresses non-tariff barriers, particularly in the automotive, pharmacy, medical device and electronics sectors. The agreement provides for the creation of a customs committee to examine and resolve potential disputes over customs facilitation and trade, including since 2011, the EU-South Korea trade agreement has abolished tariffs on almost all products. In addition, many other barriers to exporting EU products such as automotive, medicines, electronics and chemicals have been removed. Many services between the EU and South Korea have also been opened to investors and businesses. Most import duties were abolished in 2011. The rest, with the exception of a limited number of agricultural products, were withdrawn on 1 July 2016 after five years. The trade agreement contains clear rules for trademark registration in the EU and South Korea.

This gives you the opportunity to object to the registration of a trademark. 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] The EU-South Korea Free Trade Agreement has been implemented on an interim basis since July 2011, before being formally ratified in December 2015.

The trade agreement between the EU and South Korea expands the treaties for which you can compete. In South Korea, EU companies can now offer „build-operate transfer” (BOT) contracts( concession services). If your company is a service and construction provider in the EU, you can apply for major infrastructure projects in South Korea, such as the construction and operation of motorways.B. The agreement removes tariffs on 98% of import duties and trade barriers for industrial products, agricultural products and services over a five-year period. [13] It ensures that South Korean vehicle emissions regulations are not harmful to European car manufacturers and contains a clause to protect European car manufacturers. [14] [15] [16] The rules of origin are established in the protocol on the definition of „native products” and the method of administrative cooperation of the free trade agreement ENTRE the EU and South Korea (OJ L 347 of 31.12.2006, p. 16). L127, 14.5.2011, p.