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International trade compliance

flag South Korea International trade compliance

International Conventions
Member of World Trade Organisation
Member of OECD
Party to the Kyoto Protocol
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the Montreal Protocol on Substances That Deplete the Ozone Layer
Party to the Wassenaar Arrangement on Export Controls For Conventional Arms and Dual-Use Goods and Technologies
International Economic Cooperation
South Korea is a member of the following international economic organisations: IMF, Asia-Pacific Economic Cooperation (APEC), OECD, G-20, Association of Southeast Asian Nations (ASEAN) (dialogue partner), ICC, WTO, among others. For the full list of economic and other international organisations in which participates South Korea click here. International organisation membership of South Korea is also outlined here.
Party of the ATA Convention on Temporary Admissions and Use of the Carnets
Yes

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.
Party of the TIR Convention
Yes

As a Reminder, the TIR Convention and its Transit Regime Contribute to the Facilitation of International Transport, Especially International Road Transport, Not Only in Europe and the Middle East, But Also in Other Parts of the World, Such as Africa and Latin America.
Accompanying Documents For Imports
- Import license,
- Invoice,
- Price declaration,
- Bill of Lading,
- Proofs that requirements have been satisfied under Article 226 of the Customs Act,
- Packing List,
- Certificate of Origin,
- Application for Duty exemption/abatement, preferential tariff rate, etc.

To go further, check out our service Shipping Documents.

Free-trade zones
There are three types of special areas for foreign investment in South Korea: Free Economic Zones, Free Investment Zones, and Tariff-Free Zones. There are currently nine Free-Economic Zones in the country: Incheon (near Incheon airport); Busan/Jinhae (in South Gyeongsang Province); Gwangyang Bay (in South Gyeongsang Province); Gyeonggi (in Gyeonggi Province); Daegu/Gyeongbuk (in North Gyeongsang Province); East Coast (in Donghae and Gangneung); Chungbuk (in North Chungcheong Province); Gwangju and Ulsan.
Moreover, the national and local governments identified 26 Foreign Investment Zones and 4 foreign-exclusive industrial complexes.

For detailed information, consult the official portal of KFEZ as well as the dedicated page on the website of Invest Korea.

For Further Information
Korean Customs Office
Ministry of Trade, Industry and Energy
Non Tariff Barriers
Approval or authorisation is required for the import of certain items. Such requirements are maintained for the protection of public morals, human health, hygiene and sanitation, animal and plant life, environmental conservation or essential security interests in compliance with domestic legislation requirements or international commitments.

Quantitative import restrictions exist on rice, petroleum, LPG (liquefied petroleum gas), agricultural fertilisers, crop seeds, animals and animal products, nuclear materials, narcotics, foods and food additives, foreign publications, firearms and explosives.
Sectors or Products For Which Commercial Disagreements Have Been Registered With the WTO
TV, semiconductor, steel, commercial vessls, large air craft, automobile, paper alcohol, beef, shrimp, rice, salmon, etc.

The WTO gives details of these disagreements on the page of information concerning the country.

Assessment of Commercial Policy
Korean trade policy, explained by the WTO
Exchange barriers, inventoried by the United States
Exchange barriers, inventoried by the EU
Sanitary and phytosanitary barriers, inventoried by the EU

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Latest Update: November 2022