Free trade agreements of South Korea explained

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.

Trade agreements in force

!No.[1] !State!Commenced negotiation!Officially Signed!Fully enforced!Notes
114 December 199915 February 20031 April 2004South Korea's first-ever FTA
227 January 20044 August 20052 March 2006
3European Free Trade Association(and)18 January 200515 December 20051 September 2006South Korea's first FTA with a regional block
4ASEAN(and)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)
523 March 20067 August 20091 January 2010see Comprehensive Economic Partnership Agreement between India and South Korea
6 and its member states7 May 20076 October 2010(1 July 2011)13 December 2015see 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]
716 March 200921 March 20111 August 2011see South Korea–Peru Free Trade Agreement
85 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)
926 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)
1019 May 20098 April 201412 December 2014see Australia–Korea Free Trade Agreement
1128 July 200522 September 20141 January 2015see Canada–Korea Free Trade Agreement
1214 May 20121 June 201520 December 2015see China–South Korea Free Trade Agreement
138 June 200923 March 201520 December 2015
146 August 20125 May 201520 December 2015
157 December 200921 February 201315 July 2016
16Central America (and)18 June 201521 February 20181 March 2021Later, Guatemala joined as a new member of the agreement.
1724 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]
18ASEAN member states,,, and 9 May 201315 November 20201 February 2022see Regional Comprehensive Economic Partnership;from February 2022[8]
197 July 201218 December 20201 January 2023 [9] see Indonesia–Korea Comprehensive Economic Partnership Agreement
2027 June 201612 May 20211 January 2023South Korea's first FTA in Middle East and Israel's first in Asia[10]
2126 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]
22October 202214 October 2023[13] UAE-Korea Comprehensive Economic Partnership Agreement
23Gulf Cooperation Council9 July 200828 December 2023[14] First negotiation commenced in 2008 upon President Roh's visit to Riyadh but later halted by GCC in 2010;[15] resumed negotiation in 2022 upon President Moon's visit to Riyadh[16]
24Central America +October 20219 January 2024Participated as a new member of the Central America-South Korea Comprehensive Economic Partnership Agreement.

Trade agreements signed yet in force

No.StateCommenced negotiationOfficially SignedNotes
130 July 202026 October 2021[17]
24 June 2019N/Aconcluded negotiations in 2021[18]
329 July 2020N/ADigital Partnership Agreement on digital trade;concluded negotiations in 2021[19]

Trade agreements under negotiation

No.StateCommenced negotiationNotes
1, 26 March 2013see China–Japan–South Korea Free Trade Agreement
2Mercosur

(and)

11 September 2018without Venezuela who is suspended of Mercosur membership[20]
321 June 2019on service and investment
411 July 2019
526 April 2021STEP (Agreement for Sustainable Trade and Economic Partnership)
6,, 2021see Digital Economy Partnership Agreement[21]
7Pacific Alliance(and)aims to begin in 2022[22] as an associate member of the block[23]
87 February 2006aims to begin in 2022*[24] first negotiation commended in 2006 but halted in 2008[25]
921 November 2023[26] see South Korea–United Kingdom Free Trade Agreement

Trade agreements of interest

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

See also

References

  1. Web site: FTA 강국, KOREA. 2021-03-14. www.fta.go.kr.
  2. Web site: South Korea - Trade - European Commission. 2021-12-12. ec.europa.eu.
  3. Web site: Press corner. 2021-07-09. European Commission - European Commission. en.
  4. Web site: The U.S.-ROK Free Trade Agreement. 2021-03-16. www.csis.org. en.
  5. Web site: 2019-06-13. Trump's First Trade Deal: The Slightly Revised Korea-U.S. Free Trade Agreement. 2021-03-16. Cato Institute. en.
  6. News: 2019-08-22. UK and South Korea sign 'continuity' trade agreement. en-GB. BBC News. 2021-03-14.
  7. Web site: UK and South Korea to sign 'continuity free trade agreement'. 2021-03-18. www.ft.com.
  8. Web site: The Regional Comprehensive Economic Partnership (RCEP) Agreement will enter into force in South Korea. 2021-12-12. www.meti.go.jp.
  9. Web site: 한-인도네시아 CEPA . fta.go.kr . 31 May 2023 . ko.
  10. Web site: 2021-05-09 . Israel and South Korea to sign free trade pact . 2021-05-10 . Reuters.
  11. Web site: Energy Ministry of Trade, Industry and Energy. 2021-07-09. english.motie.go.kr.
  12. News: Valencia . Alexandra . 2022-02-06 . Ecuador looking to increase China trade by 35%, minister says . en . Reuters . 2022-03-03.
  13. Web site: 우리나라의 FTA. Korea Federation of Textile Industries. https://web.archive.org/web/20240421115815/https://www.ftatex.or.kr/tmcis-ptlweb/fta/fta0110L.do. 21 April 2024. 21 April 2024. bot: unknown.
  14. Web site: GCC-South Korea sign free trade deal in boost to Gulf-Asia economic ties. 2023-12-18. www.reuters.com.
  15. Web site: S. Korea, Gulf Nations Agree to Resume FTA Talks after 12-Year Hiatus. 2022-01-20. world.kbs.co.kr. en.
  16. Web site: The president of the republic of Korea receives the Secretary General of the gulf cooperation council in Riyadh. 2022-01-20. www.gcc-sg.org.
  17. Web site: 2021-10-26. 한-캄보디아 FTA 정식 서명…신남방정책 발표 후 메콩 첫 협정. 2021-10-26. The Financial News. ko-KR.
  18. Web site: DTI confirms PH, Korea free trade agreement conclusion. https://web.archive.org/web/20211026122527/https://cnnphilippines.com/business/2021/10/26/PH-Korea-free-trade-agreement-negotiations.html. dead. October 26, 2021. 2021-10-26. cnn. en.
  19. Web site: Korea-Singapore Digital Partnership Agreement (KSDPA). 2022-01-23. www.mti.gov.sg.
  20. News: 2016-12-02. Mercosur suspends Venezuela over trade and human rights. en-GB. BBC News. 2021-12-12.
  21. Web site: 황 . 석주. 2021-10-06. S. Korea starts process to join DEPA. 2022-01-23. Yonhap News Agency. en.
  22. Web site: Pacific Alliance to start FTA negotiations with South Korea. 2022-01-28. Opportimes. es.
  23. Web site: 김 . 덕현. 2022-01-26. Moon hopes for free trade deal with Mexico. 2022-01-28. Yonhap News Agency. en.
  24. Web site: Mexico to Restart Free-Trade Talks with South Korea . 2022-03-03 . MarketWatch . EN-US.
  25. News: 한-멕시코 FTA 협상 14년 만에 재개…공급망 협력도 강화 .
  26. News: 20 November 2023. South Korea's Yoon to Talk AI in UK as Trade Negotiations Begin. Bloomberg. 20 November 2023.
  27. Web site: 2021-09-12 . Korea to officially deliver intention to join DEPA . 2022-05-15 . . en.
  28. Web site: Global . K. E. D. . South Korea moves to join CPTPP free trade pact as China fears ease . 2022-05-15 . KED Global . en.

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