Eu Korea Agreement Text

The EU-Korea Agreement Text: A Comprehensive Overview

The EU-Korea agreement, also known as the EU-Korea Free Trade Agreement (FTA), was signed on October 6th, 2010, and entered into force on July 1st, 2011. It is one of the most significant trade agreements between the European Union and an Asian country, covering a wide range of areas, from goods and services to intellectual property and investment.

The agreement was negotiated over two years, and its text is over 1,000 pages long. The agreement is divided into 16 chapters and 271 articles, covering trade in goods, rules of origin, customs procedures, trade in services, investment, intellectual property rights, government procurement, competition, and sustainable development.

One of the most notable aspects of the EU-Korea agreement is its emphasis on reducing trade barriers and enhancing market access. The agreement eliminates tariffs on 98.7% of all products traded between the EU and Korea within five years of its entry into force, including cars, electronics, and textiles.

In addition to tariff reductions, the agreement includes provisions on non-tariff barriers, such as technical regulations, sanitary and phytosanitary measures, and customs procedures. The two sides have also agreed to cooperate on the recognition of standards and certificates to facilitate trade in goods and services.

The EU-Korea agreement also contains an investment chapter, which includes provisions on the protection of foreign investors, the resolution of investment disputes, and the promotion of transparency and good governance. The chapter seeks to create a stable and predictable investment environment for investors on both sides and promote economic growth and job creation.

Moreover, the agreement protects intellectual property rights, including patents, trademarks, and copyrights. It includes provisions on the enforcement of intellectual property laws and measures to prevent piracy and counterfeiting. The agreement also includes a chapter on government procurement, which seeks to ensure that public contracts are awarded in a transparent and fair manner, promoting competition and efficiency.

Sustainable development is also a key aspect of the EU-Korea agreement. The two sides have committed to promoting sustainable development through the promotion of environmental standards and the protection of labor rights. The agreement includes provisions on environmental protection, labor standards, and corporate social responsibility.

Overall, the EU-Korea agreement is a comprehensive and ambitious trade agreement, which seeks to promote economic growth and job creation, enhance market access, and protect intellectual property rights and investment. Its text is a testament to the complexity of modern trade agreements and the need for careful negotiation and implementation to ensure their success.