An agreement on investment has been concluded between Korea, on the one hand, and Iceland, Liechtenstein and Switzerland, on the other, as well. The Agreement covers the following main issues:.
Most industrial goods, including fish and other marine products, will benefit from duty-free access to the respective markets as of the entry into force of the Agreement. For some products imported into Korea, customs duties are to be eliminated after a transitional period or after a joint review by the Parties Annex V and Annex VI. Trade in processed agricultural products are covered in Annex IV to the main Agreement. In addition, trade in basic agricultural products is covered in three bilateral agreements on basic agricultural products negotiated between the respective EFTA State and Korea.
These agreements form part of the instruments establishing the free trade area. They provide for concessions on both sides. The Agreement provides for liberal rules of origin and allows for the use of up to 60 per cent of non-originating input in the production of certain products Annex I.
The Agreement contains a provision on sanitary and phytosanitary measures referring to the relevant WTO Agreement. The Agreement contains provisions on technical regulations, referring to the relevant WTO Agreement and providing for strengthened cooperation, exchange of information and consultations.
The Agreement contains provisions on trade remedies referring to the relevant WTO rules and provides for additional disciplines on such measures including enhanced notifications and consultations. The Agreement covers all four modes of delivery supply of a service, as defined under GATS, and addresses all services sectors. Trade in financial services is dealt with in a special chapter Chapter IV, Articles 4.
The Agreement sets a high standard for the protection of intellectual property rights Articles 7. In the Chapter on government procurement Article 6. The Chapter on competition Article 5. The Agreement establishes a Joint Committee Article 8. Information exchanges and consultations can take place in the Joint Committee. The Joint Committee also takes decisions in cases provided for by the Agreement or makes recommendations.
A Chapter on dispute settlement Articles 9. This agreement covers both access to markets and the protection of investments. Italian and some French automakers believe this agreement would significantly harm them by allowing South Korean automakers to compete against them in the EU. Adolfo Urso , a junior Italian minister for external trade, said that the Italian government may veto the agreement based on the European automakers concerns, which it initially did in September South Korea has had significant opposition to previous free trade agreements most especially with the United States.
This EU agreement is larger than the United States agreement. From Wikipedia, the free encyclopedia. All 21 official EU languages. Main article: South Korea—European Union relations. Retrieved 15 October Archived PDF from the original on 10 July Retrieved 24 March European Commission. May Retrieved 13 January Retrieved 11 January Archived from the original PDF on 7 July The Korea Times.
Joong Ang Daily. Archived from the original on 24 March European Parliament. Archived from the original on 11 June Archived from the original on 11 September Retrieved 4 March This is why it's unlikely".