The agreement removes tariffs on 98% of import duties and trade barriers for industrial, agricultural and services products over a five-year period.  It contains a guarantee that South Korea`s motor vehicle emissions regulation will not be detrimental to European car manufacturers and contains a safeguard clause for European car manufacturers.    These bodies also offer the possibility of finding solutions to market access issues and strengthening regulatory cooperation. An annual trade committee at ministerial level has an oversight role and aims to ensure the proper functioning of the agreement. Negotiations began in May 2007 and are expected to be completed in March 2009; However, several issues had to be resolved before the agreement could be concluded.  Seven rounds of negotiations on different aspects of the agreements were completed, during which issues were addressed with regard to several issues such as rules of origin, motor trade and the authorisation of certain tariff reductions.  We help your business reach its full potential. Our Express parcel service allows you to import from South Korea in just 1-2 days and export it in 2 days to South Korea*. 1 The EU-Korea Free Trade Agreement in practice – see page 3 2 South Korea: trade image, European Commission, December 2019 The EU-South Korea Free Trade Agreement (FTA) removes almost 99% of all tariffs on imports of goods from the EU or South Korea1 and makes importing and exporting easier and cheaper. It has been in effect since 2011 and all it takes is a simple explanation that is added to the commercial invoice. EU exports to South Korea increased by 77% between 2010 and 2018, with European companies benefiting from duty-free access to the lucrative South Korean market2. The first, the Agreement on Cooperation and Mutual Assistance in Customs Matters, was signed on 13 May 1997.
 This agreement allows the establishment of a common competition policy between the two parties.  The second agreement, the Framework Agreement on Trade and Cooperation, entered into force on 1 April 2001. The framework aims to strengthen cooperation in different sectors, including transport, energy, science and technology, industry, environment and culture.   Excerpts from the EU-Korea Free Trade Agreement on Trade in Services: South Korea is one of the richest countries in Asia and is the EU`s fourth largest trading partner. . . .