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
Photo: Joe Mabel / CC BY-SA 3.0
South Korea has actively promoted its agricultural products in overseas markets over the past few years by holding K-food fairs. Nonetheless, data show that Korea has yet to resolve its chronic trade deficit in farm products.
The Free Trade Agreement (FTA) between Honduras and South Korea is about to enter into force; the National Congress of the Republic has already approved it.
The Korea government may face another investor-state dispute case from the Chinese capital if the license is called off.
South Korea and India will hold their seventh round of CEPA talks to discuss ways to further open up the goods and services market and ease country of origin rules.
South Korea and Chile opened their first round of talks to revise their bilateral free trade agreement to reflect changes in the market over the past 15 years.
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.
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.