Korea - European Union Free Trade Agreement

Country / jurisdiction: Korea · Year: 2015 · Status: In force · Level: International · Type: Voluntary

The Free Trade Agreement between Korea and the European Union entered into force in 2015.

The Agreement notably provides for the elimination of border tariffs for the following energy sector goods:

Electric generation equipment

Mechanical equipment including pumps, appliances, and other advanced machinery

Electric motors, transformers, batteries, and capacitors

Motor vehicles

Mineral ore and processed products including graphite, manganese, copper, aluminum, and nickel

Various products manufactured using above minerals and metals such as sheets, powders, bars, and plates

Photovoltaic cells

The Agreement also includes rules of origin. Goods may benefit from preferential tariff treatment if:

wholly produced or obtained in one of the signatory countries (applicable to minerals, raw materials, and waste and scrap materials)

having undergone "sufficient working or processing" in one of the signatory countries  (applicable to manufactured goods) entailing a change in applicable HS code heading as defined for the good in the agreement

satisfying regional value content (RVC) requirements

Official source: https://www.customs.go.kr/download/ftaportalkor/_down/trty/Kor-EU-00-Eng.pdf