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South Korea Bilateral Trade Agreements

April 12th, 2021

South Korea now accepts the EEC-UN`s international standards or EU standards as equivalent to all of South Korea`s important technical rules. If your vehicles meet these standards, your product will not have to meet additional export requirements under the EU-South Korea trade agreement. The free trade agreement also addresses non-tariff barriers, particularly in the automotive, pharmacy, medical device and electronics sectors. The TRADE agreement BETWEEN the EU and South Korea protects European geographical indications (GIS), as the trade agreement preserves EU rules and rules in the chemical sector and cooperates with customs authorities on regulatory transparency in areas such as the EU-South Korea free trade agreement, strong compliance with intellectual property rights and complementing the minimum standards set out in the WTO agreement on trade-related aspects of intellectual property rights (TRIPS). The TRADE agreement BETWEEN the EU and South Korea contains four sectoral rules for Korea, with free trade agreements with ASEAN, Australia, Canada, Central America (in part), Chile, China, Colombia, India, New Zealand, Peru, Singapore, the European Union and the European Free Trade Association (Norway, Switzerland, Iceland and Liechtenstein), the United States, Turkey and The United States. The full list of free trade agreements with Korea is available on the website of the Korean Ministry of Foreign Affairs (www.fta.go.kr/main/situation/kfta/ov/). For more information on the EU-Korea free trade agreement, see the EU`s website at ec.europa.eu/trade/creating-opportunities/bilateral-relations/countries/korea/. Third, Korea has requested changes to the rules of origin for three categories of textile products that are not available in Korea or the United States and therefore must come from other countries.37 This amendment was requested because the rules were requested “Filnforward” only allows a textile product to benefit from the lower tariffs of a free trade agreement if it is made up of threads and fabrics from one of the parties to the free trade agreement. The United States supports garism rules in its trade agreements because it restricts intermediate consumption from other countries.38 The United States has expressed its readiness to expedite its internal review process and has agreed to amend the specific rules of origin for textile and clothing products (Annex 4-A) if there is a lack of commercial availability. This would be a positive development in terms of relaxing the strict rules on cutting-edge yarn, which hinder the most efficient methods of textile and clothing manufacturing. The customs authorities of the exporting country may authorize any exporter exporting goods outside the trade agreement to export declarations of origin for goods, regardless of their value. The exporter must provide the customs authorities with sufficient guarantees to verify the original character of the products and compliance with all other requirements of the agreement (protocol).

In the event of abuse, customs authorities may withdraw the status of an approved exporter. Overall, the korus renegotiation is more a small change in U.S.-Korea trade relations than the global revolution that Trump and his trade advisers present as a revolution. That`s probably the right thing to do. However, concerns about KORUS were less prominent for the Trump administration than concerns about other trade relations in which the United States could take more aggressive action.

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