[영문] Korea-EU FTA to Remove Tariffs on Industrial Products

By Park Sae-jin Posted : March 16, 2009, 17:23 Updated : March 16, 2009, 17:23

   
 
Photo: Chief European Union (EU) negotiator Ignacio Garcia 
Bercero announced EU nations decided to remove the tariff 
on Korean industrial products by 99 percent and concluded 
its complete removal in 5 years.
The European Union (EU) will lift tariffs on Korean industrial products by 99 percent (based on the number of items) in 3 years and 100 percent in 5 years. Korea will also remove tariffs on EU’s industrial products by 96 percent in 3 years and expand those to all products in 5 years.

In case of automobiles, the tariff on medium- and large-sized vehicles over 2,500cc is expected to be abolished in 3 years and those smaller than 2,500cc in 5 years.

Like the Korea-U.S. Free Trade Agreement (FTA), the issue on whether products from the Kaesong industrial zone in North Korea could be acknowledged as Korean ones will be discussed at another committee after announcing the Korea-EU FTA pact. 

According to the report from the government ministries including the Ministry of Knowledge Economy (MEK) and the Ministry of Foreign Affairs and Trade (MOFAT) on the 16th, Korea and EU brought about their better relations to this level ahead of the 8th Korea-EU FTA to be held between 23rd and 24th in Seoul, Korea.

Most of all, Korea and EU made an agreement to remove tariffs on Korean industrial products by 99 percent in EU nations and do away with those on EU ones by 96 percent in Korea in 3 years. Finally, they concluded their complete removal in 5 years.

Although the U.S. previously agreed to abolish tariffs on Korean industrial products by 91 percent in 3 years at the Korea-U.S. FTA talks, the Korea-EU agreement this time was more open than that of Korea-U.S.

In relation to automobiles, one of the key issues between Korea and EU, they decided to lift a tariff on medium- and large-sized vehicles over 2,500cc in 3 years and completely remove it on those smaller than 2,500cc in 5 years.

Currently, the tariff on automobiles is applied 8 percent in Korea and 10 percent in EU, repectively.

By Jung Eunsun

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