The agreement also allows for bilateral accumulation. Materials originating in South Korea can be considered to be from the EU when used in the manufacture of a product in the EU and vice versa. In addition, the trade agreement requires that subsidies be transparent. If the EU or South Korea use subsidies, they must indicate each year the total amount, nature and supply of the subsidies. The customs authorities of the exporting country may authorize any exporter exporting goods outside the trade agreement to export declarations of origin for goods, regardless of their value. The exporter must provide the customs authorities with sufficient guarantees to verify the original character of the products and compliance with all other requirements of the agreement (protocol). In the event of abuse, customs authorities may withdraw the status of an approved exporter. Important note: it is important that the declaration is properly completed or can be rejected by customs. Please consider the official text of the original declaration in Schedule III of the official agreement. The text contains explanatory notes and is available in all applicable languages. Under the EU-South Korea free trade agreement, all rules on medicines and medical devices must be published at an early stage so that companies have sufficient time to understand them.
This is the third trade agreement signed between South Korea and the European Union. The first, the Customs Cooperation and Mutual Assistance Agreement, was signed on 13 May 1997.  This agreement allows competition policy to be distributed between the two parties.  The second agreement, the Framework Agreement on Trade and Cooperation, came into force on 1 April 2001. The framework aims to strengthen cooperation in various industrial sectors, including transport, energy, science and technology, industry, environment and culture.   The EU and South Korea have agreed on high labour and environmental standards to protect workers and the environment. The agreement will establish mechanisms to ensure compliance with these commitments, including through the participation of civil society. The text of the agreement was signed on 15 October 2009 between South Korea and the EU.  It was signed on 6 October 2010 at the EU-Korea summit in Brussels.
  The European Parliament ratified the agreement on 17 February 2011 South Korea`s legislature ratified the agreement on 4 May 2011  On 1 July 2019, the EU-South Korea free trade agreement was ratified for the eighth anniversary. The agreement phases out tariffs on industrial and agricultural products. The TRADE agreement BETWEEN the EU and South Korea reduces the differences between the requirements for European and South Korean products by applying the same international standards. One of the international standards bodies involved in this sector is the trade agreement that respects EU rules and regulations in the chemical sector and establishes cooperation on regulatory transparency in areas such as the EU-South Korea trade agreement, which offers you better opportunities to apply for South Korean public procurement. The TRADE agreement BETWEEN the EU and South Korea contains four sectoral negotiating rules, which began in May 2007 and are expected to be concluded in March 2009; However, several issues had to be resolved before the agreement could be reached.  Seven rounds of negotiations on different aspects of the agreements were concluded during which issues were discussed on several issues such as rules of origin, car trade and the authorisation of certain tariff reductions.  The agreement ensures that competition rules also apply to state-controlled enterprises or enterprises and prohibits certain types of subsidies considered particularly dangerous to competition. Since 2011, the EU-South Korea trade agreement has abolished tariffs on almost all products.