Trade Agreement South Korea

Since 2011, the EU-South Korea trade agreement has removed tariffs on almost all products. In addition, many other barriers to the export of EU products such as automobiles, pharmaceuticals, electronics and chemicals have been removed. Many services between the EU and South Korea have also been opened to investors and commercial companies. The December 2010 agreement was a compromise between the two sides. Significant concessions have been granted to the United States with respect to auto trade: tariff reductions for Korean automobiles have been delayed by five years and U.S. cars have gained wider access to the Korean market. At the same time, negotiators agreed to set aside differences of opinion on U.S. beef exports for the time being. The trade agreement contains clear rules for the registration of trademarks in the EU and South Korea. On June 6, 2010, President Barack Obama and President Lee Myung-bak reaffirmed their commitment to the treaty and declared that they would order their governments to remove remaining obstacles to the agreement by November 2010.

[12] On September 2, 2017, President Trump said he was considering starting to withdraw from the deal. Trump has said he is consulting with his top advisers, some supporting the withdrawal and some — including Gary Cohn, President Trump`s chief economic adviser — no. The U.S. Chamber of Commerce opposed the withdrawal from the agreement. [36] Until October 4, 2017, the Trump administration had withdrawn from the Korus Free Trade Agreement and agreed with South Korea to renegotiate the agreement. [37] MERCOSUR (composed of Argentina, Brazil, Paraguay and Uruguay) and the Republic of Korea launched in 2005 a joint study on the possibility of a free trade agreement between MERCOSUR and Korea. The first meeting of the joint study group was held in Asunción, Paraguay, in May 2005. The second meeting was held in August 2005 in Seoul, Korea.

On 25 May 2018, MERCOSUR and South Korea began trade negotiations in Seoul, Korea. The first round of negotiations took place from 11 to 14 September 2018 in Montevideo, Uruguay. The second round of negotiations concluded on 6 April 2019 in Seoul. The third round took place from 8 to 12 July 2019 in Montevideo, Uruguay. The fourth round of negotiations concluded on 4 October 2019 in Busan, Korea….