Free trade agreements of South Korea

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South Korea has concluded free trade agreements (FTAs) and other agreements with a trade component with countries around the world and is negotiating with others.

Contents

Trade agreements in force

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  South Korea
  Free-trade areas
No. [1] StateCommenced negotiationOfficially SignedFully enforcedNotes
1Flag of Chile.svg Chile14 December 199915 February 20031 April 2004South Korea's first-ever FTA
2Flag of Singapore.svg Singapore27 January 20044 August 20052 March 2006
3 European Free Trade Association

(Flag of Iceland.svg Iceland,Flag of Liechtenstein.svg Liechtenstein,Flag of Norway.svg Norway and Flag of Switzerland (Pantone).svg  Switzerland)

18 January 200515 December 20051 September 2006South Korea's first FTA with a regional block
4 ASEAN

(Flag of Brunei.svg Brunei,Flag of Cambodia.svg Cambodia,Flag of Indonesia.svg Indonesia, Flag of Laos.svg Laos, Flag of Malaysia.svg Malaysia,Flag of Myanmar.svg Myanmar,Flag of the Philippines.svg Philippines, Flag of Singapore.svg Singapore, Flag of Thailand.svg Thailand and Flag of Vietnam.svg Vietnam)

23 February 200524 August 2006 (goods)1 June 2007 (goods)agreements on goods, service and investment signed gradually from 2006 to 2009;

agreement on goods enforced in 2007 and others in 2009

21 November 2007 (service)1 May 2009 (service)
2 June 2009 (investment)1 September 2009 (investment)
5Flag of India.svg India23 March 20067 August 20091 January 2010see Comprehensive Economic Partnership Agreement between India and South Korea
6Flag of Europe.svg European Union and its member states7 May 20076 October 2010(1 July 2011)

13 December 2015

see European Union–South Korea Free Trade Agreement;

enforced provisionally from 2011 and fully from 2015; [2] EU's first trade agreement with environmental and labour components [3]

7Flag of Peru.svg Peru16 March 200921 March 20111 August 2011see South Korea–Peru Free Trade Agreement
8Flag of the United States.svg United States5 June 200630 June 200715 March 2012see United States–Korea Free Trade Agreement;

signed under Obama administration [4] and revised under Trump administration [5]

5 January 2018 (revised)24 September 2018 (revised)1 January 2019 (revised)
9Flag of Turkey.svg Turkey26 April 20101 August 2012 (framework and goods)1 May 2013 (framework and goods)on framework and goods initially and service and investment three years later
26 May 2015 (service and investment)1 August 2018 (service and investment)
10Flag of Australia (converted).svg Australia19 May 20098 April 201412 December 2014see Australia–Korea Free Trade Agreement
11Flag of Canada (Pantone).svg Canada28 July 200522 September 20141 January 2015see Canada–Korea Free Trade Agreement
12Flag of the People's Republic of China.svg China14 May 20121 June 201520 December 2015see China–South Korea Free Trade Agreement
13Flag of New Zealand.svg New Zealand8 June 200923 March 201520 December 2015
14Flag of Vietnam.svg Vietnam6 August 20125 May 201520 December 2015
15Flag of Colombia.svg Colombia7 December 200921 February 201315 July 2016
16Central America

(Flag of Panama.svg Panama, Flag of Costa Rica.svg Costa Rica, Flag of Honduras.svg Honduras, Flag of El Salvador.svg El Salvador and Flag of Nicaragua.svg Nicaragua)

18 June 201521 February 20181 March 2021Later, Guatemala joined as a new member of the agreement.
17Flag of the United Kingdom.svg United Kingdom24 February 201722 August 20191 January 2021never "negotiated" as prohibited by EU rules;

aimed at maintaining the trade relations two countries enjoyed under EU-SK FTA before Brexit [6] and subject to re-negotiation in two years [7]

18 ASEAN member states, Flag of the People's Republic of China.svg China, Flag of Japan.svg Japan, Flag of Australia (converted).svg Australia and Flag of New Zealand.svg New Zealand9 May 201315 November 20201 February 2022see Regional Comprehensive Economic Partnership;

from February 2022 [8]

19Flag of Indonesia.svg  Indonesia 7 July 201218 December 20201 January 2023 [9] see Indonesia–Korea Comprehensive Economic Partnership Agreement
20Flag of Israel.svg  Israel 27 June 201612 May 20211 January 2023South Korea's first FTA in Middle East and Israel's first in Asia [10]
21Flag of Ecuador.svg  Ecuador 26 January 201611 October 2023SECA (Strategic Economic Cooperation Agreement) [11] first negotiation commended in 2006 but stalled since; In February 2022 both parties agreed to complete negotiations in 2022 [12] [13]
22Flag of the United Arab Emirates.svg  United Arab Emirates October 202214 October 2023 [14] UAE-Korea Comprehensive Economic Partnership Agreement [14]
23 Gulf Cooperation Council

(Flag of Bahrain.svg Bahrain, Flag of Kuwait.svg Kuwait, Flag of Oman.svg Oman, Flag of Qatar.svg Qatar, Flag of Saudi Arabia.svg Saudi Arabia, Flag of the United Arab Emirates.svg UAE)

9 July 200828 December 2023 [15] First negotiation commenced in 2008 upon President Roh's visit to Riyadh but later halted by GCC in 2010; [16]

resumed negotiation in 2022 upon President Moon's visit to Riyadh [17]

24Central America +

Flag of Guatemala.svg  Guatemala

October 20219 January 2024 [14] Participated as a new member of the Central America-South Korea Comprehensive Economic Partnership Agreement. [14]

Trade agreements signed yet in force

No.StateCommenced negotiationOfficially SignedNotes
1Flag of Cambodia.svg Cambodia30 July 202026 October 2021 [18]
2Flag of the Philippines.svg Philippines4 June 2019N/Aconcluded negotiations in 2021 [19]
3Flag of Singapore.svg Singapore29 July 2020N/ADigital Partnership Agreement on digital trade;

concluded negotiations in 2021 [20]

Trade agreements under negotiation

No.StateCommenced negotiationNotes
1Flag of the People's Republic of China.svg China, Flag of Japan.svg Japan26 March 2013see China–Japan–South Korea Free Trade Agreement
2 Mercosur*

(Flag of Argentina.svg Argentina,Flag of Brazil.svg Brazil,Flag of Paraguay.svg Paraguay and Flag of Uruguay.svg Uruguay)

11 September 2018without Venezuela who is suspended of Mercosur membership [21]
3Flag of Russia.svg Russia21 June 2019on service and investment
4Flag of Malaysia.svg Malaysia11 July 2019
5Flag of Uzbekistan.svg Uzbekistan26 April 2021STEP (Agreement for Sustainable Trade and Economic Partnership)
6Flag of Chile.svg Chile, Flag of New Zealand.svg New Zealand, Flag of Singapore.svg Singapore2021see Digital Economy Partnership Agreement [22]
7 Pacific Alliance(Flag of Chile.svg Chile, Flag of Colombia.svg Colombia, Flag of Mexico.svg Mexico and Flag of Peru.svg Peru)aims to begin in 2022 [23] as an associate member of the block [24]
8Flag of Mexico.svg Mexico7 February 2006

aims to begin in 2022* [25]

first negotiation commended in 2006 but halted in 2008 [13]
9Flag of the United Kingdom.svg United Kingdom21 November 2023 [26] see South Korea–United Kingdom Free Trade Agreement

Trade agreements of interest

No.Current MembersExpressed interestNotes
1Flag of Chile.svg Chile, Flag of New Zealand.svg New Zealand and Flag of Singapore.svg Singapore2021 [27] see DEPA (Digital Economy Partnership Agreement)
2Flag of Australia (converted).svg  Australia, Flag of Brunei.svg  Brunei, Flag of Canada (Pantone).svg  Canada, Flag of Chile.svg  Chile,Flag of Japan.svg  Japan, Flag of Malaysia.svg  Malaysia, Flag of Mexico.svg  Mexico, Flag of New Zealand.svg  New Zealand, Flag of Peru.svg  Peru, Flag of Singapore.svg  Singapore and Flag of Vietnam.svg  Vietnam 2021 [28] see CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership)

See also

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References

  1. ↑ "FTA 강국, KOREA". www.fta.go.kr. Retrieved 2021-03-14.
  2. ↑ "South Korea - Trade - European Commission". ec.europa.eu. Retrieved 2021-12-12.
  3. ↑ "Press corner". European Commission - European Commission. Retrieved 2021-07-09.
  4. ↑ "The U.S.-ROK Free Trade Agreement". www.csis.org. Retrieved 2021-03-16.
  5. ↑ "Trump's First Trade Deal: The Slightly Revised Korea-U.S. Free Trade Agreement". Cato Institute. 2019-06-13. Retrieved 2021-03-16.
  6. ↑ "UK and South Korea sign 'continuity' trade agreement". BBC News . 2019-08-22. Retrieved 2021-03-14.
  7. ↑ "UK and South Korea to sign 'continuity free trade agreement'". www.ft.com. Retrieved 2021-03-18.
  8. ↑ "The Regional Comprehensive Economic Partnership (RCEP) Agreement will enter into force in South Korea". www.meti.go.jp. Retrieved 2021-12-12.
  9. ↑ "한-인도네시아 CEPA". fta.go.kr (in Korean). Retrieved 31 May 2023.
  10. ↑ "Israel and South Korea to sign free trade pact". Reuters. 2021-05-09. Retrieved 2021-05-10.
  11. ↑ "Energy | Ministry of Trade, Industry and Energy". english.motie.go.kr. Retrieved 2021-07-09.
  12. ↑ Valencia, Alexandra (2022-02-06). "Ecuador looking to increase China trade by 35%, minister says". Reuters. Retrieved 2022-03-03.
  13. 1 2 "한-멕시코 FTA 협상 14년 만에 재개…공급망 협력도 강화".
  14. 1 2 3 4 "우리나라의 FTA". Korea Federation of Textile Industries. Archived from the original on 21 April 2024. Retrieved 21 April 2024.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  15. ↑ "GCC-South Korea sign free trade deal in boost to Gulf-Asia economic ties". www.reuters.com. Retrieved 2023-12-18.
  16. ↑ "S. Korea, Gulf Nations Agree to Resume FTA Talks after 12-Year Hiatus". world.kbs.co.kr. Retrieved 2022-01-20.
  17. ↑ "The president of the republic of Korea receives the Secretary General of the gulf cooperation council in Riyadh". www.gcc-sg.org. Retrieved 2022-01-20.
  18. ↑ "한-캄보디아 FTA 정식 서명…신남방정책 발표 후 메콩 첫 협정". The Financial News (in Korean). 2021-10-26. Retrieved 2021-10-26.
  19. ↑ "DTI confirms PH, Korea free trade agreement conclusion". cnn. Archived from the original on October 26, 2021. Retrieved 2021-10-26.
  20. ↑ "Korea-Singapore Digital Partnership Agreement (KSDPA)". www.mti.gov.sg. Retrieved 2022-01-23.
  21. ↑ "Mercosur suspends Venezuela over trade and human rights". BBC News . 2016-12-02. Retrieved 2021-12-12.
  22. ↑ 황, 석주 (2021-10-06). "S. Korea starts process to join DEPA". Yonhap News Agency . Retrieved 2022-01-23.
  23. ↑ "Pacific Alliance to start FTA negotiations with South Korea". Opportimes (in Spanish). Retrieved 2022-01-28.
  24. ↑ 김, 덕현 (2022-01-26). "Moon hopes for free trade deal with Mexico". Yonhap News Agency . Retrieved 2022-01-28.
  25. ↑ "Mexico to Restart Free-Trade Talks with South Korea". MarketWatch. Retrieved 2022-03-03.
  26. ↑ "South Korea's Yoon to Talk AI in UK as Trade Negotiations Begin". Bloomberg. 20 November 2023. Retrieved 20 November 2023.
  27. ↑ "Korea to officially deliver intention to join DEPA". The Korea Times . 2021-09-12. Retrieved 2022-05-15.
  28. ↑ Global, K. E. D. "South Korea moves to join CPTPP free trade pact as China fears ease". KED Global. Retrieved 2022-05-15.
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