In addition, the trade agreement requires that subsidies be transparent. If the EU or South Korea use subsidies, they must indicate each year the total amount, nature and supply of the subsidies. Most industrial products, including fish and other seafood, will have duty-free access to the relevant markets as soon as the agreement comes into force. For some products imported into Korea, tariffs must be eliminated after a transitional period or after joint review by the parties (Annex V and ANNEXE VI). 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). The EU-South Korea trade agreement offers you better opportunities to apply for South Korean government contracts. The EU and South Korea are now working together on technical regulation, establishing standards and compliance assessments to facilitate international trade. This ensures that you do not waste money and/or time in double or multiple procedures. 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. As in the GATS, positive lists of each party`s specific commitments are an integral part of the agreement. These lists are reviewed every two years in order to further liberalize trade in services between the contracting parties. The Republic of Korea and the United States have implemented the United States. Free trade agreement on 15 March 2012 (amended in September 2018). The agreement is the largest free trade agreement (FTA) negotiated by the United States since NAFTA. For more information on the KORUS Free Trade Agreement, see www.ustr.gov/trade-agreements/free-trade-agreements/korus-fta. The free trade agreement covers all major areas of trade relations, including trade in goods, trade in services, public procurement, competition and intellectual property. A joint commission is set up to monitor the agreement and a chapter provides for dispute resolution procedures. In addition, EFTA states and Korea have bilateral agreements on basic agricultural products. An investment agreement has been concluded between Korea on the one hand and Iceland, Liechtenstein and Switzerland on the other.
The agreement contains provisions for trade remedies that relate to relevant WTO rules and provides for additional disciplines for these measures, including enhanced notifications and consultations. 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. The TRADE agreement BETWEEN the EU and South Korea contains four sectoral rules for trade statistics between EFTA and Korea, see EFTA Trade Statistics Tool Korea has a free trade agreement with ASEAN, Australia, Canada, Central America (partly), Chile, China, Colombia, India, New Zealand, Peru, Singapore, the European Union and the European Free Trade Association (Norway, Switzerland, Iceland and Liechtenstein), the United States, Turkey and Vietnam. The full list of free trade agreements with Korea is available on the website of the Korean Ministry of Foreign Affairs (www.fta.go.kr/main/situation/kfta/ov/). For more information on the EU-Korea free trade agreement, see the EU`s website at ec.europa.eu/trade/creating-opportunities/bilateral-relations/countries/korea/.