The government of South Korea has concluded, or is pursuing negotiations for, a number of bilateral free trade and investment agreements. Korean social movements have been mobilizing in opposition to these ever since the Korea-Chile FTA was proposed. So far, South Korea has signed deals with Chile (2004), EFTA (2004), Singapore (2005), ASEAN (2007) the US (2007, ratified in 2011), Peru (2011) and Turkey (2012). Talks are under way with Canada, China, Mexico, India, the EU and, technically speaking, Japan. Negotiations with Colombia have stalled over Colombia’s demands for access for better terms for its fruit and flower exports than what Korea gives Chile and Peru. Seoul is also looking to open discussions with Mercosur, Malaysia, Mexico and possibly Israel.
last update: May 2012
Seoul agreed to launch a feasibility study on a free trade agreement with Malaysia and resume stalled trade pact negotiations with Indonesia.
Swiss elevator maker, Schindler Group, has officially filed for an investor state dispute settlement against the Korean government seeking US$300 million in compensation for losses over its approval of paid-in capital increase of Hyundai Elevator
South Korea and the South American trade block Mercosur will launch their formal trade negotiations in Uruguay.
A free trade agreement between South Korea and Turkey expands to the services sector and investment from Wednesday, raising more business opportunities for Korean contents and builders in the transcontinental country.
Schindler filed a notice of intent for arbitration on July 11. Under the ISD procedure, if the issue is not resolved through settlement in 90 days, the investor can take the case to the international tribunal.
South Korea and China will hold the second round of talks to expand the scope of their bilateral free trade agreement later to better cover the service and investment sectors.
South Korea and Russia will soon launch negotiations for their first free trade agreement , South Korean President Moon Jae-in said.
The Korean government was ordered to pay about 73 billion won to an Iranian investor who filed an investor-state lawsuit, claiming that he suffered losses in the process of participating in an auction for Daewoo Electronics in 2010.
South Korea and the South American trade block Mercosur agreed to begin formal negotiations for a trade deal in the latter half of this year.
An official at Seoul’s Ministry of Trade, Industry and Energy said the government will actively push for new free trade deals to expand its trade relations with emerging markets.
KoPA is a coalition of around 50 NGOs, social movement organizations, political parties, peasant organizations and trade unions working, among other things, to stop bilateral and regional free trade agreements and the WTO.