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S Korea, EU Confirm Full FTA Implementation

by Mary Swire, Tax-News.com, Hong Kong

14 December 2015


The free trade agreement (FTA) between South Korea and the European Union (EU) went into full effect on December 13, 2015.

Tariff and selected non-tariff measures within the FTA have been provisionally implemented since July 1, 2011, and have already contributed to an expansion of bilateral trade. The FTA eliminates about 98 percent of import duties and other trade barriers in manufactured goods, agricultural products, and services over the first five years of the agreement.

However, the FTA's provisions covering such matters as intellectual property rights and government procurement were among those that awaited the successful conclusion of ratification procedures by all EU members, which has now been completed.

The EU is South Korea's third-largest trade partner and its top foreign investor. It is hoped that full implementation will now promote more business investment between the two sides.

TAGS: tax | investment | business | free trade agreement (FTA) | tariffs | agreements | Korea, South | import duty | trade | European Union (EU) | business investment | Europe

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