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The European Union–South Korea Free Trade Agreement is a free trade agreement between the European Union (EU) and South Korea. The agreement was signed on 15 October 2009. [ 1 ] The agreement was provisionally applied from 1 July 2011, [ 2 ] and entered into force from 13 December 2015, after having been ratified by all signatories.
The European Union (EU) and South Korea are important trade partners: As of April 2023, Korea is the EU's third-largest importer. Excluding European countries, Korea has secured the third place on the list, following China and the United States. [1] And the EU is Korea's third largest export destination. [2]
The European Union has concluded free trade agreements (FTAs) [1] and other agreements with a trade component with many countries worldwide and is negotiating with many others. [2] The European Union negotiates free trade deals on behalf of all of its member states, as the member states have granted the EU has an "exclusive competence" to ...
South Korea's free trade agreement with the United States could help mitigate its exposure to reciprocal tariffs threatened by U.S. President Donald Trump, economists at two major investment banks ...
see European Union–South Korea Free Trade Agreement; enforced provisionally from 2011 and fully from 2015; [2] EU's first trade agreement with environmental and labour components [3] 7 Peru 16 March 2009 21 March 2011 1 August 2011 see South Korea–Peru Free Trade Agreement: 8 United States 5 June 2006 30 June 2007 15 March 2012
South Korea: European Union–South Korea Free Trade Agreement (entered in to force on 13 December 2015) [23] Switzerland FTA (1973) Tunisia AA (1998) Turkey CU (1996) EU Overseas Countries and Territories [24] Vietnam: European Union-Vietnam Free Trade Agreement (2020)
The European Union (EU) and South Korea are important trading partners, having negotiated a free trade agreement for many years since South Korea was designated as a priority FTA partner in 2006. The free trade agreement has been approved in September 2010, following Italy 's conditional withdrawal of its veto of the free trade agreement . [ 45 ]
The United States and European Union together represent 60% of global GDP, 33% of world trade in goods and 42% of world trade in services. There are a number of trade conflicts between the two powers, but both depend on the other's economic market and disputes only affect 2% of total trade.