European Union–South Korea Free Trade Agreement
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The European Union–South Korea Free Trade Agreement 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 from 13 December 2015, after having been ratified by all signatories.[3]
Type | Trade agreement |
---|---|
Signed | 6 October 2010 |
Location | Brussels, Belgium |
Effective | 13 December 2015 |
Condition | Ratification by all signatories |
Provisional application | 1 July 2011 |
Signatories |
|
Ratifiers | 30 (South Korea, the EU and its 27 member states |
Languages | Korean |
The agreement was the most comprehensive the EU had ever negotiated up until that point: import duties are near eliminated on all produce and there is deep liberalisation in trade in services. It includes provisions for intellectual property (including geographical indications), public procurement, competition, transparency of regulation and sustainable development. There are also specific commitments against non-tariff obstacles on sectors such as automobiles, pharmaceuticals and electronics.[4]