South Korea has actively pursued a strategy of establishing a wide network of free trade agreements (FTAs) to boost its economy. Here’s a summary of key points:
Extensive FTA Network:
South Korea has concluded numerous FTAs with major economies worldwide, including the United States, the European Union, China, and ASEAN countries.
These agreements aim to reduce or eliminate tariffs and other trade barriers, facilitating the flow of goods and services.
Key Agreements:
KORUS FTA (U.S.-Korea Free Trade Agreement): This agreement has significantly impacted trade between the United States and South Korea.
EU-South Korea FTA: This agreement has eliminated tariffs on most goods traded between the EU and South Korea, fostering increased trade.
RCEP (Regional Comprehensive Economic Partnership): South Korea is a member of RCEP, a large free trade agreement involving ASEAN countries, Australia, China, Japan, and New Zealand.
Focus on Digital Trade:
There is an increasing focus on digital trade agreements, with recent progress in negotiations between South Korea and the EU, to help navigate the ever growing digital economy.
This is shown by the recent news of the EU and South Korea completing negotiations of a landmark Digital Trade Agreement.
Benefits:
These FTAs have helped South Korea diversify its export markets and enhance its competitiveness in various industries.
They have also attracted foreign investment and promoted economic growth.
PH-South Korea free trade agreement signed – Presidential
Image Source: pco.gov.ph
To find very detailed information, these resources will be very helpful.
For information on the EU and South Korea agreements the European comission trade web pages are very useful.
The USTR (United states Trade Representatives) web pages, have detailed information on the KORUS FTA.
The Korean customs service web pages also contain information on many of the FTA’s that South Korea is part of.
I hope this helps.
EU trade relations with South Korea
Image Source: europa.eu
Blog: Is Germany a beneficiary of the KOREU free trade agreement
Image Source: eufactcheck.eu
FTA signing: South Korea and Philippines at a crossroads – Korea Pro
Image Source: korearisk.com
Blog: Is Germany a beneficiary of the KOREU free trade agreement
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