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Archive:South Korea-EU - international trade in goods statistics

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This article analyses the European Union (EU) trade in goods with South Korea. It provides information about the impact on trade in goods of the Free Trade Agreement (FTA) with the Republic of South Korea that entered into force in July 2011, as the first of a new generation of FTAs signed by the EU.

The Free Trade Agreement between the EU and the Republic of Korea (EU-South Korea FTA) was launched in 2007 as part of the ‘Global Europe’ initiative. These agreements, based on solid economic criteria, represent a stepping stone for future liberalisation as they are also tackling issues which are not ready for multilateral discussion and are going beyond the market opening that can be achieved in the context of the World Trade Organization (WTO).

Accordingly, the EU-South Korea FTA is the most comprehensive free trade agreement ever negotiated by the EU. Import duties are eliminated on nearly all products and there is a far reaching liberalisation of trade in services covering all modes of supply. It includes provisions on investments both in services and industrial sectors, strong disciplines in important areas such as the protection of intellectual property (including geographical indications), public procurement, competition rules, transparency of regulation and sustainable development. Specific commitments to eliminate and to prevent non-tariff obstacles to trade have been agreed on sectors such as consumer electronics [1], automobiles, pharmaceutical products and medical devices and chemicals.

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Notes

  1. ↑ ‘EU-South Korea Free Trade Agreement: a quick reading guide’, October 2010.
  2. ↑ Text of the footnote.


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