Since 1 July 2011, EU exporters may benefit from trade advantages available under the new Free Trade Agreement (FTA) with South Korea. This comprehensive and ambitious FTA with the EU's ninth largest trading partner is expected to eventually deliver tariff savings of about 1.6 billion euro per year. The magnitude of anticipated savings is due to the comparatively high tariff levels previously applied by South Korea. A substantial proportion of the scheduled tariff reductions is already available since the entry into force of the Agreement on 1 July 2011.

The MADB reflects the impact of the new agreement on the import duties applicable in South Korea. The Applied Tariffs section of the database provides access to the sophisticated South Korean tariff nomenclature with almost 12,000 tariff lines. At present, less than 2,000 of these tariff lines are duty free under the Most Favoured Nation conditions available for WTO member states and thus the EU. As a result of the FTA application, more than 7,500 additional tariff lines became duty free immediately for goods originating in the EU. For nearly 2,000 further tariff lines, customs duties will be dismantled over several years. The majority of these tariff lines are subject to tariff elimination within 3 to 5 years. After this transitional period, almost 99% of customs duties by trade value will have been eliminated for both industrial and agricultural products. Less than 50 agricultural products' tariff lines will remain as they are not covered by the FTA or are subject to a tariff standstill.

To check out the preferential tariff rates available for you, you should select South Korea in the Applied Tariffs Database and then enter your product code(s). You may also search the complete South Korean tariff nomenclature in the English language for product descriptions to identify the appropriate product codes. Furthermore a link is available from the tariff rates allowing you to access further useful information, including the currently applied internal taxation measures in South Korea.

The FTA will not only remove virtually all import duties between the EU and South Korea but also many non-tariff barriers. This is reflected in the Exporter's Guide to Import Formalities (EGIF) and further updates will be provided. The EGIF section of the MADB gives an overview of the import procedures and provides detailed information on the documents required for imports to South Korea. The requirements are presented firstly, at a general level, applicable to all goods and secondly, at a tariff heading level, reflecting the specific requirements for particular goods. The "Overview of Import Procedures" outlines the salient features of the EU-South Korea FTA and explains further the implications for certain product groups.

To benefit from the above mentioned preferential tariff treatment at the South Korean border, an "origin declaration", is to be provided by the exporter. After a first approval by the customs authorities of the country in which they are established, the EU exporters will be able to issue the proof of origin documents themselves. Please consult the Rules of Origin Protocol of the EU-South Korea FTA and the document 'Commercial Invoice' for more information on this proof of origin.