Accessibility tools
- Head to content
- Head to portal navigation
- Head to language choices
- Head to site navigation
- More info about accessibility choices
Provider tools
- Appropriate notice
- Contact
- Sitemap
- Search
- Accessibility
- Snacks
Language selector
- Present language: en
Present portal location
- Home
- Trade
- Policy
- Nations and areas
- Southern Korea
Web web web web Site navigation
- Trade
- Policy
- Policy making
- EU position in globe trade
- EU and WTO
- Nations and areas
- Negotiations and agreements
- Development
- Data
- Accessing areas
- Import and export guidelines
- Trade policy and also you
Site content
Nations and areas
Southern Korea
The EU-South Korea trade that is free (FTA) had provisionally applied since July 2011 before it had been formally ratified in December 2015.
It went further than just about any associated with EU’s previous agreements in raising trade obstacles, and had been additionally the EU’s very very very very first trade cope with a country that is asian.
Observe how the EU-South Korea trade agreement benefits companies and communities throughout the EU
Trade photo
- Southern Korea may be the EU’s eighth biggest export destination for products, whereas the EU is Southern Korea’s 3rd biggest export market.
- EU exports of products to Southern Korea increased by 77per cent from 2010 to 2018. This switched the EU’s trade in items deficit of €10.5bn in 2010 into broadly balanced trade in 2018.
- EU exports of solutions to Southern Korea increased by 82%, when compared with 66% for EU imports through the nation, from 2010 to 2017. The EU had a trade that is €5.6bn solutions excess with Southern Korea in 2017.
- Within the same 2010-2017 duration, EU inwards international direct investment (FDI) shares increased by 112per cent and EU outward FDI shares (EU assets in Korea) increased by 39%.
- The EU’s many goods that are significant to Southern Korea are equipment and devices, transportation gear and chemical items.
- The primary EU imports from Southern Korea are equipment and devices, transportation gear and plastic materials.
- The EU is Southern Korea’s biggest international direct investor.
EU-South Korea: Trade in products
Trade in goods 2017-2019, € billionsYear | EU imports | EU exports | Balance |
---|---|---|---|
2017 | 44.0 | 43.5 | -0.5 |
2018 | 46.0 | 43.7 | -2.2 |
2019 | 47.4 | 43.3 | -4.0 |
EU-South Korea: Trade in solutions
Trade in solutions 2016-2018, € billionsEU imports | EU exports | Balance | |
---|---|---|---|
2016 | 6.5 12 months | 10.8 | 4.3 |
2017 | 7.1 | 11.3 | 4.2 |
2018 | 7.6 | 11.4 | 3.8 |
EU-South Korea: International direct investment
12 monthsInward stocks | Outward stocks | Balance | |
---|---|---|---|
2018 | 24.9 | 46.0 | 21.1 |
Unless otherwise mentioned “EU” issues for several indicated years the present eu of 27 Member States.
Date of retrieval: 22/04/2020
EU and South Korea
1 July 2019 marked the anniversary that is eighth of EU-South Korea FTA. The agreement eliminates duties for commercial and goods that are agricultural a progressive, step by step manner.
Almost all of import duties had been eliminated in 2011. The remaining ones – except for a number that is limited of products – had been eliminated after 5 years on 1 July 2016.
The FTA additionally addresses non-tariff obstacles to trade, especially within the automotive, pharmaceutical, medical products and electronic devices sectors.
The agreement has generated brand brand new possibilities for market access in solutions and assets, and includes conditions in areas such as for instance competition policy, federal federal federal government procurement, intellectual home legal rights, transparency in legislation, and sustainable development.
The contract established a number of specialised committees and working teams between the 2 events observe execution.
These systems provide a way to look for resolutions to advertise access issues also to take part in better regulatory cooperation. a trade that is annual at ministerial degree plays a supervisory part and it is built to make sure that the contract runs correctly.
More on the procedure of this agreement in training.
This season, the EU and Southern Korea upgraded their wider relationship to a Strategic Partnership. On 10 May 2010 the 2 edges finalized a Framework Agreement, which joined into force on 1 2014 june. It gives a foundation for strengthened cooperation on major governmental and international dilemmas such as peoples legal rights, non-proliferation of weapons of mass destruction, counter-terrorism, environment modification and power safety. This really is an overarching cooperation that is political with an appropriate url to the EU-South Korea complimentary Trade Agreement.
- The Commission’s yearly reports in the utilization of FTAs include a part on Southern Korea.
- Reality sheet: EU-South Korea FTA: an instant reading guide
- Reality sheet: 10 key advantages of the EU-South Korea FTA
, targeting practical aspects, to greatly help all stakeholders to exploit the opportunities fully given by the EU-Korea FTA .
EU–Korea FTA : EMC and electric security official certification.
A person guide for electromagnetic compatibility (EMC) and safety certification that is electric. The EU–Korea FTA establishes a regime that eases certification procedures for electric and products that are electronic.
- Yearly Report from the utilization of the EU-Korea complimentary Trade Agreement
- Annual Monitoring Report on Fragile Sectors
- Fact sheet: EU-South Korea FTA : a reading guide that is quick
- Reality sheet: 10 key advantages of the EU-South Korea FTA
- For practical information in regards to the application for the FTA , please consult the marketplace Access Data Base.
Committees and Dialogues
The EU and Southern Korea meet frequently to go over problems and greatest techniques when using the contract. The committees, working teams along with other figures beneath the contract meet regularly.