This is the third trade agreement signed between South Korea and the European Union. The first, the Customs Cooperation and Mutual Assistance Agreement, was signed on 13 May 1997.  This agreement allows competition policy to be distributed between the two parties.  The second agreement, the Framework Agreement on Trade and Cooperation, came into force on 1 April 2001. The framework aims to strengthen cooperation in various industrial sectors, including transport, energy, science and technology, industry, environment and culture.   The customs authorities of the exporting country may authorize any exporter who exports goods outside the trade agreement to export products to file 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. The EU-South Korea Free Trade Agreement (FTA) had been in force on an interim basis since July 2011, before being officially ratified in December 2015. Detailed provisions for motor vehicles and parts within the scope of the agreement are set out in Schedule 2C of motor vehicles and parts and its annexes. The EU and South Korea have agreed on high labour and environmental standards to protect workers and the environment.
The agreement will establish mechanisms to ensure compliance with these commitments, including through the participation of civil society. The EU-South Korea trade agreement offers you better opportunities to apply for South Korean government contracts. The agreement was the most comprehensive that the EU had negotiated at the time: import tariffs on all products were almost abolished and trade in services was profoundly liberal. It contains provisions relating to intellectual property (including geographical indications), public procurement, competition, regulatory transparency and sustainable development. There are also specific obligations against non-tariff barriers in sectors such as automotive, pharmacy and electronics.  You can read here about the pharmaceutical and medical products covered by the agreement: Appendix 2-D Pharmaceuticals and Medical Devices. Learn more about how the agreement works in practice. They can benefit from a more open South Korean services market under the trade agreement. The EU-South Korea trade agreement contains four sectoral rules for EU-South Korea cooperation on technical regulations, standards setting and compliance assessment to facilitate international trade.