Printable Version EU-South Korea Free Trade Agreement (FTA) Is Now Provisionally Applied

The terms of the Free Trade Agreement (FTA) signed between the EU and the Republic of Korea are provisionally applied from 1st July 2011.

The FTA envisages that import duties on industrial products will be zero-rated within the next five years, and that within seven years most other goods will also become zero-rated. Import duties on some agricultural products will, however, remain unchanged.

A key requirement of the FTA is that EU exporters must be in possession of an official authorisation permitting them to make origin declarations before their Korean importers can benefit from the reduced import rates. This authorisation can be obtained via the national Customs authorities.  Similarly, EU importers will have to ensure that their Korean counterparts have made the necessary origin declarations so that they too can benefit from lowered import duty rates on importations into the EU.
The full text of the agreement is available here.