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Free Trade Agreement between Korea and the States of the European Free Trade Association

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The free trade agreement between Korea and the European Free Trade Association States ("EFTA"), involving Iceland, Liechtenstein, Norway and Switzerland), was signed on 15 Dec 2005. The Agreement entered into force on 1 September 2006 for Korea, Norway, Liechtenstein and Switzerland, and 1 October 2006 for Iceland. 

It provides for the gradual elimination of most industrial and energy sector products, including: 

  • Electric motors, turbines and generators; 
  • Mechanical equipment including pumps, appliances, and other advanced machinery; 
  • Electric accumulators, transformers, capacitors, batteries; 
  • Motor vehicles; 
  • Mineral ore, slag and ash; 
  • Mineral fuels, oils and other products; 
  • Metals and their articles e.g. iron and steel; 
  • Semiconductors devices and photovoltaic cells; 

Rule of origins apply. in order  to qualify for the preferential tariff treatment, goods should be wholly obtained tor produced on the territory of one of the Parties, or incorporate non-originating materials which value does not represent more than  40-50 % of their ex-works price.

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