Italy is ready to block a free trade agreement between the EU and South Korea unless it gives European carmakers a year to prepare for the removal of trade barriers. Meanwhile, the European Parliament is omitting its new legal muscles in the agreement. He expressed the hope that trade ministers would approve on Friday the signing and provisional implementation of the free trade agreement, adding that after the decision, it would be possible to sign the agreement and send it to Parliament for approval. On October 12, 2011, the U.S. Congress approved the U.S.-Korea Free Trade Agreement. On October 21, 2011, the President of the United States signed an agreement on the implementation of the agreement. On November 22, 2011, the Korean National Assembly approved the free trade agreement between the United States and Korea. The U.S.-Korea Free Trade Agreement came into force on March 15, 2012. The free trade agreement also addresses non-tariff barriers, particularly in the automotive, pharmacy, medical device and electronics sectors. The United States and the Republic of Korea signed the new amended agreement on September 24, 2018. Trade in processed agricultural products falls under Schedule IV of the main agreement.
In addition, trade in agricultural commodities is covered by three bilateral agreements on basic agricultural products negotiated between the state of EFTA concerned and Korea. These agreements are part of the instruments for creating the free trade area. They are providing concessions on both sides. These organizations also provide an opportunity to find solutions to market access problems and to establish closer regulatory cooperation. An annual trade commission at the ministerial level plays a supervisory role and aims to ensure that the agreement works. The agreement establishes a high level of protection of intellectual property rights (Articles 7.1 to 7.3 and Appendix XIII) that covers areas such as patents, trademarks and copyrights and, in some areas, goes beyond what is provided for in the WTO agreement on aspects of intellectual property rights affecting trade (TRIPS) and other international agreements and treaties. Negotiations began in May 2007[6] and were scheduled to conclude in March 2009; However, several issues had to be resolved before the agreement could be reached. [10] Seven rounds of negotiations on different aspects of the agreements were concluded[10] during which issues were discussed on several issues such as rules of origin, car trade and the authorisation of certain tariff reductions. [9] 1 July 2019 will mark the eighth anniversary of the EU-South Korea free trade agreement.
The agreement phases out tariffs on industrial and agricultural products. For eFTA-Korea trade statistics see EFTA Trade Statistics Tool The text of the agreement was signed on 15 October 2009 between South Korea and the EU. [19] It was signed on 6 October 2010 at the EU-Korea summit in Brussels. [16] [19] The European Parliament ratified the agreement on 17 February 2011. [16] South Korea`s legislative authority ratified the agreement on 4 May 2011[21] [21] The agreement contains provisions for trade remedies, and provides for additional disciplines for these measures, including enhanced notifications and consultations. In 2016, five years after the temporary entry into force of the free trade agreement between the European Union and South Korea, the European Commission announced that EU exports to South Korea increased by 55%; European companies have saved 2.8 billion euros in scrappage or reduced tariffs; Bilateral merchandise trade between the EU and South Korea has increased each year to a record level of more than 90 billion euros in 2015. [22] It went further than any of the previous EU agreements to remove trade barriers and was also the EU`s first trade agreement with an Asian country.