The agreement was signed on 15 October 2009. [1] The Agreement was provisionally applied from 1 July 2011[2] and entered into force on 13 December 2015, after being ratified by all signatories. [3] The Agreement sets high standards for the protection of intellectual property rights (Article 7(1)-(3) and Annex XIII), covers areas such as patents, trademarks and copyrights and, in some areas, goes beyond what is provided for in the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) and other international agreements and treaties. This is the third trade agreement signed between South Korea and the European Union. In 2016, five years after the provisional entry into force of the EU-South Korea Free Trade Agreement, the European Commission announced that EU exports to South Korea increased by 55%. European businesses saved €2.8 billion in tariffs eliminated or reduced; and bilateral trade in goods between the EU and South Korea has grown every year, reaching a record high of more than €90 billion in 2015. [22] The EU and South Korea meet regularly to discuss issues and best practices in the implementation of the agreement. The committees, working groups and other bodies of the agreement meet regularly. Negotiations began in May 2007[6] and are expected to be completed in March 2009; However, several issues had to be resolved before the agreement could be concluded. [10] Seven rounds of negotiations on different aspects of the agreements[10] 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. [9] The European Commission publishes information on the committees set up under the EU-South Korea Free Trade Agreement. This is part of their commitment to a more transparent and inclusive trade and investment policy. The agreement set up a number of specialised committees and working groups between the two sides to monitor its implementation.

The agreement was the most comprehensive the EU has ever negotiated so far: import duties on all products have been almost eliminated and trade in services is deeply liberal.

Download PDF