What is a FTA ?

A FTA or Free Trade Agreement is a policy aimed at promoting the development of international trade by eliminating tariffs, quotas and national regulations which may restrict the import or export of goods and services (source). It applies only to products manufactured and exported to the countries involved in the agreement. Please note that the goods must travel directly to its destination WITHOUT transit in order to enjoy benefits of the FTA.

Which countries are involved ?

As a complement of the countries cited above, here is the list of those countries involved in the EU-Korea FTA and EFTA-Korea FTA. In the EU-Korea FTA: The European Union is comprised of 27 countries: Austria, Belgium, Bulgaria, the Czech Republic, Croatia (from July 1, 2013), Cyprus, Denmark, Estonia, France, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. Click here for a complete map of the countries of the European-Union. In the EFTA (European Free Trade Association): The EFTA is composed of Switzerland, Norway, Iceland and Liechtenstein.

With whom has South Korea signed an FTA ?

The Republic of Korea has signed FTAs with several countries and regions from all around the world. Korea settled FTAs with Chile (2004), Singapore (2006), the EFTA (European Free Trade Association), India (2010), Peru (2011), the European Union (list of the EU's Member States below ); United States (2012), Australia (2012), Turkey (2013), Canada (2015), China (2015), New Zealand (2015), Vietnam (2015) and Colombia (2016).In 2018, Korea is also currently negotiating FTAs Ecuador, Israel, India, China, Japan, Panama, Costa Rica, Guatemala, Honduras, El Salvador, Nicaragua and the United States and ASEAN countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Vietnam, Thailand. PDF

Map of the current FTAs signed with South Korea in 2018

*L’ASEAN (Association of South East Asian Nations)