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Allow me to inform about European Commission Directorate-General for Trade

Allow me to inform about European Commission Directorate-General for Trade

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  1. Trade
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    1. Policy making
    2. EU position in globe trade
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    4. Nations and areas
      1. Negotiations and agreements
      2. Developing
      3. Data
    5. Accessing areas
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Nations and areas

Southern Korea

The EU-South Korea trade that is free (FTA) had provisionally used since July 2011 before it absolutely was formally ratified in December 2015.

It went further than just about any for the EU’s past agreements in lifting trade obstacles, and ended up being additionally the EU’s very very first trade cope with a country that is asian.

Observe how the EU-South Korea trade agreement benefits companies and communities throughout the EU

Trade image

  • Southern Korea could be the EU’s eighth export destination that is largest for products, whereas the EU is Southern Korea’s third biggest export market.
  • EU exports of products to Southern Korea increased by 77per cent from 2010 to 2018. This switched the EU’s trade in products deficit of €10.5bn in 2010 into broadly trade that is balanced 2018.
  • EU exports of solutions to Southern Korea increased by 82%, in comparison to 66% for EU imports through the national nation, from 2010 to 2017. The EU had a trade that is €5.6bn solutions excess with Southern Korea in 2017.
  • Within the same 2010-2017 duration, EU inwards international direct investment (FDI) shares increased by 112per cent and EU outward FDI shares (EU opportunities in Korea) increased by 39%.
  • The EU’s many significant items exports to Southern Korea are equipment and devices, transportation gear and https://hookupdate.net/nl/thaifriendly-recenzja/ chemical items.
  • The EU that are main from Southern Korea are equipment and devices, transportation gear and plastic materials.
  • The EU is Southern Korea’s biggest international direct investor.

EU-South Korea: Trade in products

Trade in goods 2017-2019, € billions

EU imports EU exports Balance
2017 44.0 12 months 43.5 -0.5
2018 46.0 43.7 -2.2
2019 47.4 43.3 -4.0

EU-South Korea: Trade in solutions

Trade in solutions 2016-2018, € billions

EU imports EU exports Balance
2016 6.5 12 months 10.8 4.3
2017 7.1 11.3 4.2
2018 7.6 11.4 3.8

EU-South Korea: International direct investment

12 months
Inward stocks Outward stocks Balance
2018 24.9 46.0 21.1

Unless otherwise mentioned “EU” issues for several indicated years the existing eu of 27 Member States.

Date of retrieval: 22/04/2020

EU and South Korea

1 July 2019 marked the anniversary that is eighth of EU-South Korea FTA. The agreement eliminates duties for commercial and goods that are agricultural a progressive, step by step manner.

Almost all of import duties had been eliminated in 2011. The remaining ones – except for a number that is limited of services and services and services and products – had been eliminated after 5 years on 1 July 2016.

The FTA additionally addresses barriers that are non-tariff trade, particularly into the automotive, pharmaceutical, medical products and electronic devices sectors.

The contract has established brand brand new possibilities for market access in solutions and assets, and includes provisions in areas such as for example competition policy, federal federal federal government procurement, intellectual home liberties, transparency in legislation, and development that is sustainable.

The contract established lots of specialised committees and working teams between the 2 events observe execution.

These systems offer a way to seek resolutions to advertise access issues and also to take part in better regulatory cooperation. a trade that is annual at ministerial degree plays a supervisory role and it is built to make certain that the contract runs correctly.

More on the procedure associated with contract in training.

This year, the EU and Southern Korea upgraded their wider relationship to a Strategic Partnership. On 10 May 2010 the 2 edges finalized a Framework Agreement, which entered into force on 1 2014 june. It gives a foundation for strengthened cooperation on major governmental and issues that are global as human being legal rights, non-proliferation of weapons of mass destruction, counter-terrorism, weather modification and power protection. That is an overarching cooperation that is political by having an appropriate connect to the EU-South Korea complimentary Trade Agreement.

  • The Commission’s yearly reports regarding the utilization of FTAs contain a part on Southern Korea.
  • Reality sheet: EU-South Korea FTA: an instant reading guide
  • Reality sheet: 10 key advantages of the EU-South Korea FTA

, concentrating on practical aspects, to assist all stakeholders to completely exploit the possibilities supplied by the EU-Korea FTA .

EU–Korea FTA : EMC and electric security official certification.

A person guide for electromagnetic compatibility (EMC) and electric security official certification. The EU–Korea FTA establishes a regime that eases certification procedures for electric and electronic services and products.

  • Yearly Report in the utilization of the EU-Korea complimentary Trade Agreement
  • Annual Monitoring Report on Fragile Sectors
  • Reality sheet: EU-South Korea FTA : an instant reading guide
  • Reality sheet: 10 key advantages of the EU-South Korea FTA
  • For practical information regarding the application for the FTA , please consult the marketplace Access Data Base.

Committees and Dialogues

The EU and Southern Korea meet frequently to talk about dilemmas and greatest methods whenever using the contract. The committees, working teams along with other systems under the contract meet frequently.

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