South Korea Trade Agreement With Eu
kenty9x | October 8, 2021 | 0The agreement sets up a customs committee to discuss and resolve all differences in customs and trade facilitation, including the most comprehensive agreement ever negotiated by the EU up to that date: import duties on all products are almost eliminated and trade in services is deeply liberalisable. It contains provisions on intellectual property (including geographical indications), public procurement, competition, regulatory transparency and sustainable development. There are also specific obligations against non-tariff barriers in sectors such as automotive, pharmaceuticals and electronics. [4] EU manufacturers are no longer required to produce vehicles specifically for the South Korean market or to carry out expensive tests to demonstrate compliance with safety standards. The agreement also provides for bilateral cumulation. Materials originating in South Korea may be considered as originating in the EU when used in the manufacture of a product in the European Union and vice versa. The EU-South Korea Free Trade Agreement promotes the enforcement of intellectual property rights by customs authorities and complements the minimum standards of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). The Free Trade Agreement between the European Union and South Korea is a free trade agreement between the European Union (EU) and South Korea. The agreement was signed on 15 October 2009. [1] The Agreement was provisionally applied from 1 July 2011[2] and entered into force on 13 December 2015, after being ratified by all signatories. [3] Rules of origin are set out in the Protocol concerning the definition of the concept of `originating products` and the method of administrative cooperation to the EU-South Korea Free Trade Agreement (OJ L 347, 27.12.2006, p. 1). OJ L 127, 14.5.2011, p.
1,344). The EU-South Korea trade deal expands the treaties you can compete for. In South Korea, EU companies can now apply for Build-Operate Transfer (BOT) (concession services) contracts. If your company is a European construction and services company, you can compete for large infrastructure projects in South Korea, for example. B the construction and operation of motorways. Wines and spirits are covered by Annex 10-B to the Agreement and include, for example, that trade between the two parties amounted to EUR 64 billion in 2007. The EU is the second largest importer of South Korean products. South Korea is the eighth largest importer of goods from the EU. [6] The agreement is commonly referred to as the first next-generation free trade agreement signed by the EU to address trade issues beyond tariffs. These concerns include non-tariff barriers (NTBs); they face significant barriers to trade, both in Korea and in the European Union. In fact, it has been estimated that NTBs have the same level of protection as a tariff of 76% in Korea and 46% in the EU.
[8] According to some studies, an agreement can increase trade by up to 40% in the long term. [9] The specific electrical and electronic products covered by the Agreement and the related provisions are set out in Electronic Annex 2-B and its Annexes. What if the intellectual property is used without permission? 1 July 2019 marks the eighth anniversary of the EU-South Korea Free Trade Agreement. The agreement phases out tariffs on industrial and agricultural goods. The EU-South Korea trade agreement contains four sectoral rules on unfair and anti-competitive trading practices, including, under the EU-South Korea Free Trade Agreement, all rules on pharmaceuticals and medical devices must be published at an early stage so that companies have enough time to understand them. . . .
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