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Nations and areas

South Korea

The EU-South Korea free trade agreement (FTA) had provisionally used since July 2011 before it absolutely was formally ratified in December 2015.

It went further than just about any associated with EU’s past agreements in raising trade obstacles, and has also been the EU’s very very first trade handle a country that is asian.

Observe how the EU-South Korea trade agreement benefits companies and communities throughout the EU

Trade picture

  • Southern Korea may be the EU’s eighth biggest export location 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 products 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 possessed a €5.6bn trade in solutions excess with Southern Korea in 2017.
  • Throughout the same 2010-2017 duration, EU inwards international direct investment (FDI) shares increased by 112% and EU outward FDI shares (EU assets in Korea) increased by 39%.
  • The EU’s many goods that are significant to South Korea are machinery 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, € billions
EU imports EU exports Balance
2017 44.0 12 months 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, € billions
EU 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: foreign investment that is direct

Foreign direct investment 2018, € billions
12 months Inward 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 last year. The remaining ones – except for a number that is limited of services and services and products – had been eliminated after 5 years on 1 July 2016.

The FTA additionally addresses non-tariff obstacles to trade, particularly into the automotive, pharmaceutical, medical products and electronic devices sectors.

The contract has established brand brand new opportunities for market access in solutions and assets, and includes conditions in areas such as for instance competition policy, federal government procurement, intellectual home legal rights, transparency in legislation, and development that is sustainable.

The contract established a wide range of specialised committees and groups that are working the 2 events observe execution.

These systems offer a way to look for resolutions to advertise access issues and also to take part in better cooperation that is regulatory. a trade that is annual at ministerial degree plays a supervisory part and it is made to make sure the contract runs correctly.

More about the procedure for the contract 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 issues that are global as individual liberties, non-proliferation of weapons of mass destruction, counter-terrorism, environment modification and power protection. This really is an overarching governmental cooperation contract having 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
, emphasizing 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 user 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 electronic items.

  • Yearly Report in the utilization of the EU-Korea complimentary Trade Agreement
  • Annual Monitoring Report on Sensitive Sectors
  • Reality sheet: EU-South Korea FTA : a quick reading guide
  • Reality sheet: 10 key advantages of the EU-South Korea FTA
  • For practical information regarding the application regarding 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 whenever using the agreement. The committees, working teams as well as other figures beneath the contract meet frequently.

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