The Tariff on Some Products Between South Korea and EU Will be Adjusted

According to the official in South Korea Government, on the 133 Committee Convention of EU held on July 10, 27 member states of EU agree to accept the negotiation result reached between EU Committee and South Korea, which means South Korea and EU has reached agreement on the FTA.

It is reported that, South Korea and EU will cancel the import duty on each other's industrial products in the following 5-7 years after the implementation of free trade agreement. EU will cancel 99 percent tariff within three years, while South Korea will cancel 96 percent tariff within three years. South Korea will cancel the tariff on the industrial products of auto parts, color TV, refrigerator and ships etc. imported from EU immediately, while EU will cancel the tariff on industrial products of auto parts, wireless communication equipment parts, LCD, air conditioner and refrigerator etc. imported from South Korea at the same time. South Korea will cancel the tariff on freezing pork imported from EU since 2014.

It is said that, the South Korea president of Li Mingbo will announce the fact of reaching agreement on FTA with EU, during his visit to EU and having talks with Sweden Minister on the summit meeting. At the same time, both parts will sign provisional agreement in September.