European Union - Republic of Korea Free Trade Agreement
Since 2011, the EU-South Korea trade agreement has eliminated customs duties on nearly all products (98.7%), including fisheries and agricultural products. It has also removed non-tariff barriers (NTB) to the exports of key EU products to South Korea, such as automobiles, pharmaceuticals, electronics and chemicals. Not the least, services markets in both the EU and South Korea have largely opened to businesses and investors from each other.
The EU and South Korea have agreed to simplify and streamline border procedures, harmonize documentation and data requirements, and improve the security of shipping containers and other consignments. In addition, the agreement contains provisions for the electronic pre-submission and processing of information prior to the physical arrival of shipments, the recognition of electronic signatures and the transfer of information in electronic form.