EU-South Korea Free Trade Agreement

Since 2011, the EU and South Korea trade agreement has eliminated customs duties on nearly all products. It has also removed many other obstacles to exporting EU products, such as automobiles, pharmaceuticals, electronics and chemicals. Many services between the EU and South Korea have also been opened up for investors and for businesses to trade.

The agreement at a glance

Since 2011, the EU-South Korea trade agreement has eliminated customs duties on nearly all products (98.7%), including fisheries and agricultural products. It has also removed non-tariff barriers (NTB) to the exports of key EU products to South Korea, such as automobiles, pharmaceuticals, electronics and chemicals. Not the least, services markets in both the EU and South Korea have largely opened to businesses and investors from each other.

In the first five years of the agreement, EU exports to South Korea increased by 55%, European companies saved €2.8 billion in reduced customs duties, and trade in goods between the EU and South Korea reached a record level of over €90 billion.

Who can export from the EU under the EU-South Korea free trade agreement?

If your company is registered in an EU Member State and you have acquired a valid customs declaration – and where necessary, an export licence – you can export under this agreement.

Tariffs

The EU-South Korea free trade agreement eliminates 98.7% of tariffs on trade in goods.

Here are some of the benefits for EU exporters