The three EFTA States and Korea accord each other national treatment for the establishment of investors, with the exception of certain cases where the parties have entered reservations on the basis of restrictions imposed by their national legislation. The agreement also provides for the possibility of direct settlement of disputes between an investor and the party to his investment. It went further than any previous EU agreements on the removal of trade barriers and was also the EU`s first trade agreement with an Asian country. Most industrial products, including fish and other seafood products, will have duty-free access to their markets from the entry into force of the agreement. For certain products imported into Korea, customs duties are to be abolished after a transitional period or after joint verification by the Parties (Annex V and Annex VI). Important note: it is important that the declaration is correctly completed, otherwise it may be rejected by customs. Please refer to the official text of the declaration of origin set out in Annex III to the Official Agreement. The text contains explanatory guidance and is available in all applicable languages. Find out more about the practical application of the agreement. These bodies also offer the opportunity to find solutions to market access problems and to strengthen regulatory cooperation. An annual trade committee at ministerial level has an oversight role and aims to ensure the proper functioning of the agreement. The text of the agreement was initialled on 15 October 2009 between South Korea and the EU.
 It was signed at the EU-Korea Summit held in Brussels on 6 October 2010.   The European Parliament ratified the agreement on 17 February 2011.  The South Korean legislature adopted the agreement on 4 It was ratified on 1 May 2011.   Negotiations began in May 2007 and were due to be concluded in March 2009. However, several issues had to be resolved before the agreement could be concluded.  Seven rounds of negotiations on different aspects of the agreements were completed, during which issues were addressed with regard to several issues such as rules of origin, motor trade and the authorisation of certain tariff reductions.  July 1, 2019 was the eighth anniversary of the EU-South Korea Free Trade Agreement. . .