South Korea

EU – South Korea Free Trade Agreement

EU – South Korea Free Trade Agreement

Did you know that you could save money on your international shipments to and from South Korea?

The EU-South Korea Free Trade Agreement (FTA) removes almost 99% of all import duties on goods of EU or South Korea origin1— making it easier and cheaper to import and export. It has been in force since 2011 and all it takes is a simple declaration to be added to the commercial invoice. EU exports to South Korea have increased by 77% from 2010-2018 with European businesses taking advantage of tariff-free access to the lucrative South Korean market.2

Learn how you could benefit from the EU-South Korea FTA.

What’s in it for my business?

Euro

Cost savings

Duties on almost all products are removed and non-tariff barriers reduced. 

International

Improved access

Easier access to the South Korean market could mean new opportunities for your business in terms of competitiveness and investments.

Document

Simpler regulation

It is now easier for EU and South Korean companies to work together. 

Customs

Simplified, modern customs procedures

Modern customs processes allow for quick and easy release of your goods.

NOTE: The trade agreement applies to duties, not taxes. Any applicable VAT for imports into the EU or South Korea still needs to be paid.

How can I benefit?

To benefit from reduced or 0% tariffs, products must be of ‘EU origin’. All it takes is a declaration. No formal certificate is required. Simply add the following to your commercial invoice (or any other commercial document) along with a detailed description of your goods as you would usually do:

Sample Statement of Origin:

(Period: from___________ to __________)
 

The exporter of the products covered by this document (Customs Authorisation No.______) declares that, except where otherwise clearly indicated, these products are of EU preferential origin.

__________________________________
(Place and date)
 

_________________________________
(Signature of the exporter, in addition to the name of the person signing the declaration has to be clearly indicated in clear script)

Important note: it is essential that the declaration is filled out correctly or it may be rejected by customs. Please consult the official text of the origin declaration which is laid out in Annex III of the official agreement. The text comes with explanatory notes and is available in all applicable languages. 

The Customs Authorization No. is your Approved Exporter number. It is required for all shipments valued over €6000.

How to get an Approved Exporter number

  • To become an Approved Exporter, get in touch with your national customs authority.
     
  • For guidance on how to obtain this status in the EU, you can also consult this guide.

To benefit from reduced or 0% tariffs, products must be of ‘South Korean origin’. All it takes is a simple declaration from the shipper. No formal certificate is required. Simply ensure they add the following to their commercial invoice (or any other commercial document): 

Sample Statement of Origin:

(Period: from___________ to __________)
 

The exporter of the products covered by this document (Customs Authorisation No. ______) declares that, except where otherwise clearly indicated, these products are of South Korean preferential origin.

__________________________________
(Place and date)
 

_________________________________
(Signature of the exporter, in addition to the name of the person signing the declaration has to be clearly indicated in clear script)

Important note: It is essential that the declaration is filled out correctly or it may be rejected by customs. Please consult the official text of the origin declaration which is laid out in Annex III of the official agreement. The text comes with explanatory notes and is available in all applicable languages. 

The Customs Authorization No. is the company’s Approved Exporter number. It is required for all shipments valued over €6000.

How can FedEx help?

FedEx airplane

Fast Intercontinental Shipping

We help your business reach its full potential. With our express parcel service, you can import from South Korea in just 1-2 days and export to South Korea in 2 days*.

working on laptop

Easy Customs Tools

Make clearance easier thanks to our free tools. With FedEx Electronic Trade Documents, reduce the risk of customs delays by submitting your documentation electronically.

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Expert Knowledge

Take advantage of the Shipping Channel  – a website containing easy-to-understand guides covering a wide range of topics. From paperwork and customs procedures to country-specific requirements. 

*Service availability and transit times may vary depending on shipment type, origin and destination. FedEx terms and conditions apply. 

Always make sure to check the rules and regulations of the country you’re shipping from and to prior to shipping. Please review the European Commission webpage for more information.