Eu Korea Trade Agreement Text

In 2014, the agreement was amended to reflect Croatia`s accession to the EU in July 2013. Croatia now enjoys the same conditions as other EU countries. The agreement established a number of specialized commissions and working groups between the two parties to monitor implementation. The free trade agreement also addresses non-tariff barriers, particularly in the automotive, pharmacy, medical device and electronics sectors. The agreement was the most comprehensive that the EU had negotiated at the time: import tariffs on all products were almost abolished and trade in services was profoundly liberal. It contains provisions relating to intellectual property (including geographical indications), public procurement, competition, regulatory transparency and sustainable development. There are also specific obligations against non-tariff barriers in sectors such as automotive, pharmacy and electronics. [4] This chapter contains the parties` obligations with respect to intellectual property rights (IPR) and, in particular, trademarks, copyrights, designs and geographical indications. These complement and update the WTO agreement on trade-related aspects of intellectual property rights (TRIPS). The chapter also contains a section on the application of EU rules on intellectual property rights and rights applicable to rights holders and people at a distance and to the protection of intellectual property, based on internal EU rules contained in the enforcement directive. The EU-South Korea Free Trade Agreement (FTA) had been in force on an interim basis since July 2011, before being officially ratified in December 2015. Italian carmakers and some French carmakers believe the deal would be of grave harm to them, as it would allow South Korean carmakers to compete with them in the EU. Adolfo Urso, a young Italian foreign trade minister, said the Italian government could veto the agreement on the basis of the concerns of European car manufacturers, which it originally did in September 2010.

Trade analysts such as ECIPE`s Hosuk Lee-Makiyama have dismissed car industry lobbying as a “myth”: while EU exports to Korea are estimated at 400%, most Asian brands produce their cars in the EU and Korean cars account for an insignificant share of imports to the EU, which even threaten even the most inefficient car manufacturers in Europe. [11] Italy abandoned its objections in exchange for the postponement of the provisional application of the agreement from 1 January 2011 to 1 July 2011. [12] In 2010, the EU and South Korea strengthened their broader relations with a strategic partnership.

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