Korea - Peru Free Trade Agreement

Country / jurisdiction: Korea · Year: 2011 · Status: In force · Level: International · Type: Voluntary

The Korea - Peru Free Trade Agreement notably provides for the elimination of import tariffs for the following 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, aluminium, 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 on the territory of one of the Parties, or having undergone a significant production process there, or meeting product-specific regional value content requirements.

The Investment provisions of the Agreement forbids condition to investment such as export quotas, domestic content requirements, technology transfers, and other non-tariff barriers. It also carries national treatment and most-favuored nation treatment provisions that require investors from either Party to be treated equally to both domestic investors or those from any other nations.

However, it does allow either party to provide additional benefits or advantages tied to such conditions, and to take temporary safeguard measures in the event of serious financial difficulties, threats, or other exceptional circumstances.

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