The EU and South Korea have agreed to enforce strict competition laws. Second, the KORUS amendments also aim to promote transparency in anti-dumping and countervailing duty procedures.36 The renegotiated conditions are a direct response to the frequent application of such import restrictions by the United States. While this change may not do much to limit U.S. use of these trade measures, improved transparency in this process is a positive net result. Shortly thereafter, Korea completed its internal procedure for the implementation of the amended KORUS, and on the 7th. In December 2018, the National Assembly ratified the agreement by 180 votes to 5 in favor of the agreement with 19 abstentions.17 Although the Koreans indicated that in exchange for their approval of the new KORUS, they would demand an exemption from possible Trump administration Article 232 tariffs on all automobiles, the legislation was finalized without addressing this issue.18 In the meantime, due to the limited number of revisions and the lack of amendments to U.S. laws do not require a vote in Congress. The EU and South Korea are working together to recognise disease-free zones to increase predictability for you as an exporter. “Against a backdrop of growing protectionism around the world and growing tensions between the United States and China, South Korea will focus its efforts on penetrating new markets,” Commerce Minister Yoo Myung-hee said in a meeting with heads of trade-related organizations. 32 Seungduk Lee, “The Amended Pricing Policy of Global Innovative New Drugs Is Implemented as Original Planned without Further Change,” Yakupnews (Seoul), January 2, 2019 (in Korean); and Jihyun Lee, “Global Innovative New Drugs ` changed pricing policy lost its initial intentd due to the KORUS FTA; Multinationals are once again resisting politics,” Hankyung (Seoul), January 4, 2019 (in Korean).
The EU-South Korea trade agreement reduces the differences between the requirements for European and South Korean products by adopting the same international standards. International standards bodies relevant to this sector also include most U.S. automobiles, which are exempt from Korea`s stricter CO2 emission requirements. To achieve this, the cap on green credits that allow U.S. automakers to “pay” for increased CO2 emissions will be raised to address the gap between U.S. and Korean emissions standards.25 In addition, Korea will continue to offer leniency on fuel consumption and greenhouse gas emission regulations for small U.S. automakers selling small quantities of cars to Korea. .