South Korea's trade balance with EU since FTA 2011-2017

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It goes further than any previous agreements in lifting trade barriers and was also the EU's first trade deal with an Asian country. The agreement was amended in to allow Croatia to benefit from the same preferences as the other 27 EU Member States since its date of accession to the EU on 1 July Croatia was not yet a member of the EU when the agreement eu korea trade statistics by country signed back in Read the exporters' stories.

The EU-South Korea free trade agreement eliminates duties for industrial and agricultural goods in a progressive, step-by-step approach. Eu korea trade statistics by country majority of import duties had been removed in The remaining ones — with exception of a limited number of agricultural products — were removed after 5 years on 1 July The FTA also addresses non-tariff barriers to trade, specifically in the automotive, pharmaceutical, medical devices and electronics sectors. The agreement creates new opportunities for market access in services and investments, and includes provisions in areas such as competition policy, government procurement, intellectual property rights, transparency in regulation and sustainable development.

The agreement established a number of specialised committees and working groups between the two parties to monitor its implementation.

These bodies also provide an opportunity to seek resolutions to market access concerns and to engage in closer regulatory cooperation. The annual trade committee at ministerial level plays a supervisory role and is designed to ensure that the agreement operates properly. More on the operation of the agreement in practice. Every two months the Commission presents bi-monthly statistics to the EU Member States, the European Parliament and the relevant industry associations on the evolution of imports of textiles, consumer electronics and cars.

Every year, the Commission presents an Annual monitoring report on sensitive sectors to the European Parliament and the Council. The EU and South Korea have upgraded their relationship to a Strategic Partnership inensuring a high level of commitment from both sides. A Framework Agreement was signed on 10 May and entered into force on 1 June It provides a basis for strengthened cooperation on major political and global issues such as human rights, non-proliferation of weapons of mass destruction, counter-terrorism, climate change and energy security.

The EU has established a permanent forum for eu korea trade statistics by country, to allow for the EU and South Korea to share experiences and views on competition policy, eu korea trade statistics by country well as share non-confidential information on competition law enforcement with South Korea.

A more specific cooperation agreement concerning cooperation on anti-competitive activities also exists. A user guide for electromagnetic compatibility EMC and electric safety certification.

European Commission Directorate-General for Trade. Language selector Current language: Website content Countries and regions. Evaluation Roadmap External evaluation Terms of Reference for the external study Contractor's website on the initiative Inception report of the evaluation Part 1: Synthesis Report Part 2:

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South Korea Brussels, 1 July These are some of the findings of a detailed European Commission report released today to mark the five-year anniversary of the trade deal with South Korea, demonstrating a significant boost in trade thanks to the agreement.

The evidence of our agreement with Korea should help convince the unconvinced that Europe benefits greatly from more free trade. When our companies can export more easily, or when money saved from scrapped customs duties can be reinvested in company development, it spurs European growth. It safeguards and creates jobs. This anniversary gives us many reasons to roll up our sleeves and conclude all other pending EU trade deals that are on the table.

In addition to more traditional exports of machinery, transport equipment, and chemical products, the agreement has opened new export opportunities for many small European businesses in such diverse sectors as food and drink, pottery, packaging, sports equipment and book binding technology for concrete examples, see our Exporters' stories.

The previous EU trade deficit with South Korea has been turned into a trade surplus. Other sectors experienced an even more significant improvement. For instance, the EU's car sales in South Korea tripled over the five-year period. Worries expressed by European stakeholders ahead of the FTA's approval have thus not materialised. Nonetheless, the European Commission continues to monitor the situation as regards potentially sensitive sectors such as textiles, cars and electronic products and — together with civil society — keeps a close eye on the impact of trade on sustainable development.

In this context, the EU and Korea also cooperate on environmental issues and labour rights. The agreement also allows EU authorities to continue improving trading conditions for European companies by raising potential problems in several implementing committees created under the FTA. The Commission has agreed with South Korea to explore possible amendments to the existing deal to make it correspond even better to expectations of stakeholders on both sides, for example to enable European companies to export through their logistical hubs in Asia and at the same time benefit from the FTA.

This shows that EU Member States have a role to play in informing companies about the benefits of the EU trade deals already in force. South Korea ranks ninth among the EU's main export markets and is an important partner of the EU as regards global value chains. The agreement in place since July is the first comprehensive agreement concluded by the EU with an Asian partner, and the most ambitious trade deal implemented by the EU so far.

It has brought about important changes, such as the elimination by both sides of import duties on the large majority of products traded between the two partners, as well as a reduction of administrative barriers to trade, and mutual openness as regards provision of services, public contracts and investment. The agreement also includes guarantees as regards competition policy, the transparency of regulatory regimes, and the protection of intellectual property rights.

Since the South Korea agreement, the EU has negotiated several other agreements that are already in effect, including with Colombia and Peru, Central American countries, and Ukraine. Agreements with Georgia and Moldova — two comprehensive deals, part of larger Association Agreements - will formally enter into force today after having been ratified by all EU Member States.

The EU is also set to benefit from other agreements still to be validated, including a comprehensive trade deal with Canada, as well as agreements with Singapore and Vietnam. The EU's new trade policy strategy presented in the autumn of - Trade for All -includes plans to conclude future trade deals with strategic EU partners, supporting further economic growth in Europe.

EU trade strategy of — "Trade for All". European Commission Directorate-General for Trade. Language options Current language: Website content News archive. Background South Korea ranks ninth among the EU's main export markets and is an important partner of the EU as regards global value chains.