The FTA also addresses non-tariff barriers to trade, specifically in the automotive, pharmaceutical, medical devices and electronics sectors. The remaining ones – with the exception of a limited number of agricultural products – were removed after five years on 1 July 2016. The majority of import duties were removed in 2011. The agreement eliminates duties for industrial and agricultural goods in a progressive, step-by-step manner.
#Us and south korea timelime free
The EU remains South Korea's biggest foreign direct investor, ahead of Japan and the US.ġ July 2021 marked the 10 th anniversary of the EU-Republic of Korea free trade agreement.Bilateral trade in services soared by 72.2% between 20, amounting to €18.6 billion in 2020.
#Us and south korea timelime license
In 2020, EU-Korea trade in services remained concentrated on a handful of sectors: transport (25.7%) royalties and license fees (15.2%) and telecommunications, computer and information services (14.1%). Of EU total exports to Korea, the share of agricultural products grew from 5.3% in 2011 to 7.6% in 2021. Bilateral trade in agricultural products has gradually increased in the decade since the agreement’s entry into force, accounting for 3.9% in 2021.Bilateral trade between the EU and Korea remains highly concentrated in the industrial sectors that represented 95.9% of total bilateral trade in 2021, including machinery and appliances (33.9%), transport equipment (18.9%), and chemicals (15.1%).Total bilateral trade in goods amounted to 107.3 billion euros in 2021, up by 70.8% from 2011. Since the entry into force of the EU-Korea free trade agreement on 1 July 2011, bilateral trade and investment have expanded remarkably.Korea is the EU's 9 th largest export destination for goods, whereas the EU is Korea's 3 rd largest export market.* Covering the territory of the Republic of Korea (ROC), commonly known as South Korea. The chapter reaffirms the commitment of the EU and Korea* to contribute to sustainable development by integrating labour and environmental (including climate) protection in the bilateral trade relationship.
It was also the EU’s first FTA to include a chapter on Trade and Sustainable Development. It went further than any of the EU’s previous agreements in lifting trade barriers, and was also the EU's first trade deal with an Asian country. The EU-Republic of Korea free trade agreement (FTA) had provisionally applied since July 2011 before it was formally ratified in December 2015.
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