KOREA—Exporters must register to avail of new Free Trade Agreement ( FTA).

The EU and South Korea signed a Free Trade Agreement (FTA) that will help Irish companies expand  exports to Korea. Last year Irish exports to Korea totalled €357millio in goods. The FTA is expected to enable exports to Korea to increase by approx 50% in the coming years , by elimination virtually all import tariffs, as well as most non – tariff barriers.

This FTA is the most ambitious trade agreement ever negotiated by the EU and the first with an Asian country and will come into effect on 1^st July 2011. Across the EU it is expected the Agreement will increase trade with Korea by €19 billion .

New EU-South Korea Free Trade Agreement – Approved Exporter Requirement

Among the provisions contained in the EU – South Korea Free Trade Agreement is the adoption of a system of preferential treatment for originating goods.

Under this system, an exporter can issue a declaration of preferential origin on an invoice for consignments up to the value of €6,000. Where an exporter has been authorised by the Customs authorities to do so (“Approved Exporter”), invoice declarations can be issued for consignments of any value.

N.B. The agreement provides that an invoice declaration is the only acceptable proof of preferential origin, i.e., exporters will not be able to issue EUR.1 Movement Certificates as proof of origin.

Source:Irish Exporters Association