EU - Korea, Republic of FTA (2010)
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(iv) all payment and money transmission services, including credit, charge and debit cards, travellers cheques and bankers drafts;

(v) guarantees and commitments;

(vi) trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following:

(A) money market instruments (including cheques, bills and certificates of deposits);

(B) foreign exchange;

(C) derivative products including, but not limited to, futures and options;

(D) exchange rate and interest rate instruments, including products such as swaps, forward rate agreements;

(E) transferable securities; and

(F) other negotiable instruments and financial assets, including bullion;

(vii) participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues;

(viii) money broking;

(ix) asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services;

(x) settlement and clearing services for financial assets, including securities, derivative products and other negotiable instruments;

(xi) provision and transfer of financial information, and financial data processing and related software; and

(xii) advisory, intermediation and other auxiliary financial services on all the activities listed in subparagraphs (i) through (xi), including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy;

financial service supplier means any natural person or juridical person of a Party that seeks to provide or provides financial services and does not include a public entity;

public entity means:

(a) a government, a central bank or a monetary authority of a Party or an entity owned or controlled by a Party, that is principally engaged in carrying out governmental functions or activities for governmental purposes, not including an entity principally engaged in supplying financial services on commercial terms; or

(b) a private entity, performing functions normally performed by a central bank or monetary authority, when exercising those functions;

new financial service means a service of a financial nature, including services related to existing and new products or the manner in which a product is delivered, that is not supplied by any financial service supplier in the territory of a Party but which is supplied in the territory of the other Party.

Article 7.38. Prudential Carve-out  (1)

1. Each Party may adopt or maintain measures for prudential reasons (2), including:

(a) the protection of investors, depositors, policy-holders or persons to whom a fiduciary duty is owed by a financial service supplier; and

(b) ensuring the integrity and stability of the Party's financial system.

2. These measures shall not be more burdensome than necessary to achieve their aim, and where they do not conform to the other provisions of this Agreement, they shall not be used as a means of avoiding each Party's commitments or obligations under such provisions.

3. Nothing in this Agreement shall be construed to require a Party to disclose information relating to the affairs and accounts of individual consumers or any confidential or proprietary information in the possession of public entities.

4. Without prejudice to other means of prudential regulation of cross-border trade in financial services, a Party may require the registration of cross-border financial service suppliers of the other Party and of financial instruments.

(1) Any measure which is applied to financial service suppliers established in a Party's territory that are not regulated and supervised by the financial super- visory authority of that Party would be deemed to be a prudential measure for the purposes of this Agreement. For greater certainty, any such measure shall be taken in line with this Article.
(2) It is understood that the term "prudential reasons" may include the maintenance of the safety, soundness, integrity or financial responsibility of individual financial service suppliers.

Article 7.39. Transparency

The Parties recognise that transparent regulations and policies governing the activities of financial service suppliers are important in facilitating access of foreign financial service suppliers to, and their operations in, each other's markets. Each Party commits to promoting regulatory transparency in financial services.

Article 7.40. Self-regulatory Organisations

When a Party requires membership or participation in, or access to, any self-regulatory organisations, securities or futures exchange or market, clearing agency or any other organisation or association, in order for financial service suppliers of the other Party to supply financial services on an equal basis to financial service suppliers of the Party, or when the Party provides directly or indirectly such entities with privileges or advantages in supplying financial services, the Party shall ensure observance of the obligations of Articles 7.6, 7.8, 7.12 and 7.14 by such self-regulatory organisation.

Article 7.41. Payment and Clearing Systems

Under terms and conditions that accord national treatment, each Party shall grant to financial service suppliers of the other Party established in its territory access to payment and clearing systems operated by public entities and to official funding and refinancing facilities available in the normal course of ordinary business. This Article is not intended to confer access to a Party's lender of last resort facilities.

Article 7.42. New Financial Services

Each Party shall permit a financial service supplier of the other Party established in its territory to provide any new financial service that the Party would permit its own financial service suppliers to supply, in like circumstances, under its domestic law, provided that the introduction of the new financial service does not require a new law or modification of an existing law. A Party may determine the institutional and juridical form through which the service may be provided and may require authorisation for the provision of the service. Where such authorisation is required, a decision shall be made within a reasonable period of time and the authorisation may be refused only for prudential reasons.

Article 7.43. Data Processing

No later than two years after the entry into force of this Agreement, and in no case later than the effective date of similar commitments stemming from other economic integration agreements:

(a) each Party shall permit a financial service supplier of the other Party established in its territory to transfer information in electronic or other form, into and out of its territory, for data processing where such processing is required in the ordinary course of business of such financial service supplier, and

(b) each Party, reaffirming its commitment (1) to protect fundamental rights and freedom of individuals, shall adopt adequate safeguards to the protection of privacy, in particular with regard to the transfer of personal data.

(1) For greater certainty, this commitment indicates the rights and freedoms set out in the Universal Declaration of Human Rights, the Guidelines for the Regulation of Computerised Personal Data Files (adopted by the United General Assembly Resolution 45/95 of 14 December 1990), and the OECD Guidelines on the Protection of Privacy and Transborder Flows of Personal Data (adopted by the OECD Council on 23 September 1980).

Article 7.44. Specific Exceptions

1. Nothing in this Chapter shall be construed to prevent a Party, including its public entities, from exclusively conducting or providing in its territory activities or services forming part of a public retirement plan or statutory system of social security, except when those activities may be carried out, as provided by its domestic regulations, by financial service suppliers in competition with public entities or private institutions.

2. Nothing in this Agreement shall apply to activities conducted by a central bank or monetary authority or by any other public entity in pursuit of monetary or exchange rate policies.

3. Nothing in this Chapter shall be construed to prevent a Party, including its public entities, from exclusively conducting or providing in its territory activities or services for the account or with the guarantee or using the financial resources of the Party, including its public entities except when those activities may be carried out, as provided by its domestic regulations, by financial service suppliers in competition with public entities or private institutions.

Article 7.45. Dispute Settlement

1. Chapter Fourteen (Dispute Settlement) shall apply to the settlement of disputes on financial services arising exclusively under this Chapter, except as otherwise provided in this Article.

2. The Trade Committee shall, no later than six months after the entry into force of this Agreement, establish a list of 15 individuals. Each Party shall propose five individuals respectively and the Parties shall also select five individuals who are not nationals of either Party and who shall act as chairperson to the arbitration panel. Those individuals shall have expertise or experience in financial services law or practice, which may include the regulation of financial service suppliers, and shall comply with Annex 14-C (Code of Conduct for Members of Arbitration Panels and Mediators).

3. When panellists are selected by lot pursuant to Article 14.5.3 (Establishment of the Arbitration Panel), Article 14.9.3 (The Reasonable Period of Time for Compliance), Article 14.10.3 (Review of any Measure Taken to Comply with the Arbitration Panel Ruling), Article 14.11.4 (Temporary Remedies in case of Non-compliance), Article 14.12.3 (Review of any Measure Taken to Comply after the Suspension of Obligations), Articles 6.1, 6.3 and 6.4 (Replacement) of Annex 14-B (Rules of Procedure for Arbitration), the selection shall be made in the list established pursuant to paragraph 2.

4. Notwithstanding Article 14.11, where a panel finds a measure to be inconsistent with this Agreement and the measure under dispute affects the financial services sector and any other sector, the complaining Party may suspend benefits in the financial services sector that have an effect equivalent to the effect of the measure in its financial services sector. Where such measure affects only a sector other than the financial services sector, the complaining Party may not suspend benefits in the financial services sector.

Article 7.46. Recognition

1. A Party may recognise prudential measures of the other Party in determining how the Party's measures relating to financial services shall be applied. Such recognition, which may be achieved through harmonisation or otherwise, may be based upon an agreement or arrangement between the Parties, or may be accorded autonomously.

2. A Party that is a party to an agreement or arrangement of the type referred to in paragraph 1 with a third party, whether at the time of entry into force of this Agreement or thereafter, shall afford adequate opportunity for the other Party to negotiate its accession to such agreements or arrangements, or to negotiate comparable ones with it, under circumstances in which there would be equivalent regulation, oversight, implementation of such regulation, and, if appropriate, procedures concerning the sharing of information between the parties to the agreement or arrangement. Where a Party accords recognition autonomously, it shall afford adequate opportunity for the other Party to demonstrate that such circumstances exist.

Subsection F. International Maritime Transport Services

Article 7.47. Scope, Definitions and Principles

1. This Sub-section sets out the principles regarding the liberalisation of international maritime transport services pursuant to Sections B through D.

2. For the purposes of this Sub-section:

(a) international maritime transport includes door to door transport operations, which is the carriage of goods using more than one mode of transport, involving a sea-leg, under a single transport document, and to this effect includes the right to directly contract with providers of other modes of transport;

(b) maritime cargo handling services means activities exercised by stevedore companies, including terminal operators, but not including the direct activities of dockers, when this workforce is organised independently of the stevedoring or terminal operator companies. The activities covered include the organisation and supervision of:

(i) the loading/discharging of cargo to/from a ship;

(ii) the lashing/unlashing of cargo; and

ii) the reception/delivery and safekeeping of cargoes before shipment or after discharge;

(c) customs clearance services (alternatively "customs house brokers services") means activities consisting in carrying out on behalf of another party customs formalities concerning import, export or through transport of cargoes, whether this service is the main activity of the service provider or a usual complement of its main activity;

(d) container station and depot services means activities consisting in storing containers in port areas with a view to their stuffing/ stripping, repairing and making them available for shipments; and

(e) maritime agency services means activities consisting in representing, within a given geographic area, as an agent the business interests of one or more shipping lines or shipping companies, for the following purposes:

(i) marketing and sales of maritime transport and related services, from quotation to invoicing, and issuance of bills of lading on behalf of the companies, acquisition and resale of the necessary related services, preparation of documentation, and provision of business information; and

(ii) acting on behalf of the companies organising the call of the ship or taking over cargoes when required.

3. In view of the existing levels of liberalisation between the Parties in international maritime transport:

(a) the Parties shall apply effectively the principle of unrestricted access to the international maritime markets and trades on a commercial and non-discriminatory basis; and

(b) each Party shall grant to ships flying the flag of the other Party or operated by service suppliers of the other Party treatment no less favourable than that accorded to its own ships with regard to, inter alia, access to ports, use of infrastructure and auxiliary maritime services of the ports, as well as related fees and charges, customs facilities and the assignment of berths and facilities for loading and unloading.

4. In applying these principles, the Parties shall:

(a) not introduce cargo-sharing arrangements in future bilateral agreements with third parties concerning maritime transport services, including dry and liquid bulk and liner trade, and not activate such cargo-sharing arrangements in case they exist in previous bilateral agreements; and

(b) upon the entry into force of this Agreement, abolish and abstain from introducing any unilateral measures and administrative, technical and other obstacles which could restrict free and fair competition or constitute a disguised restriction or have discrimi- natory effects on the free supply of services in international maritime transport.

5. Each Party shall permit international maritime service suppliers of the other Party to have an establishment in its territory under conditions of establishment and operation no less favourable than those accorded to its own service suppliers or those of any third party, whichever are the better, in accordance with the conditions inscribed in its list of commitments.

6. Each Party shall make available to international maritime transport suppliers of the other Party on reasonable and non-discriminatory terms and conditions the following services at the port:

(a) pilotage;

(b) towing and tug assistance;

(c) provisioning;

(d) fuelling and watering;

(e) garbage collecting and ballast waste disposal; (f) port captain’s services; (g) navigation aids; and

(4) shore-based operational services essential to ship operations, including communications, water and electrical supplies, emergency repair facilities, anchorage, berth and berthing services.

Section F. Electronic Commerce

Article 7.48. Objective and Principles

1. The Parties, recognising the economic growth and trade opportunities that electronic commerce provides, the importance of avoiding barriers to its use and development, and the applicability of the WTO Agreement to measures affecting electronic commerce, agree to promote the development of electronic commerce between them, in particular by cooperating on the issues raised by electronic commerce under this Chapter.

2. The Parties agree that the development of electronic commerce must be fully compatible with the international standards of data protection, in order to ensure the confidence of users of electronic commerce.

3. The Parties agree not to impose customs duties on deliveries by electronic means (1).

(1) The inclusion of the provisions on electronic commerce in this Chapter is made without prejudice to Korea's position on whether deliveries by elec- tronic means should be categorised as trade in services or goods.

Article 7.49. Cooperation on Regulatory Issues

1. The Parties shall maintain a dialogue on regulatory issues raised by electronic commerce, which will, inter alia, address the following issues:

(a) the recognition of certificates of electronic signatures issued to the public and the facilitation of cross-border certification services;

(b) the liability of intermediary service providers with respect to the transmission or storage of information;

(c) the treatment of unsolicited electronic commercial communications;

(d) the protection of consumers in the ambit of electronic commerce; (e) the development of paperless trading; and

(f) any other issues relevant for the development of electronic commerce.

2. The dialogue can include exchange of information on the Parties' respective legislation on these issues as well as on the implementation of such legislation.

Section G. Exceptions

Article 7.50. Exceptions

Subject to the requirement that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination between countries where like conditions prevail, or a disguised restriction on establishment or cross-border supply of services, nothing in this Chapter shall be construed to prevent the adoption or enforcement by either Party of measures:

(a) necessary to protect public security or public morals or to maintain public order (1);

(1) The public order exception may be invoked only where a genuine and sufficiently serious threat is posed to one of the fundamental interests of society.

(b) necessary to protect human, animal or plant life or health;

(c) relating to the conservation of exhaustible natural resources if such measures are applied in conjunction with restrictions on domestic investors or on the domestic supply or consumption of services;

(d) necessary for the protection of national treasures of artistic, historic or archaeological value;

(e) necessary to secure compliance with laws or regulations which are not inconsistent with the provisions of this Chapter including those relating to:

(i) the prevention of deceptive and fraudulent practices or to deal with the effects of a default on contracts;

(ii) the protection of the privacy of individuals in relation to the processing and dissemination of personal data and the protection of confidentiality of individual records and accounts;

(ii) safety;

(f) inconsistent with Articles 7.6 and 7.12, provided that the difference in treatment is aimed at ensuring the equitable or effective (1) imposition or collection of direct taxes in respect of economic activities, investors or service suppliers of the other Party.

(1) Measures that are aimed at ensuring the equitable or effective imposition or collection of direct taxes include measures taken by a Party under its taxation system which: (a) apply to non-resident investors and service suppliers in recognition of the fact that the tax obligation of non-residents is determined with respect to taxable items sourced or located in the Party's territory; (b) apply to non-residents in order to ensure the imposition or collection of taxes in the Party's territory; (c) apply to non-residents or residents in order to prevent the avoidance or evasion of taxes, including compliance measures; (d) apply to consumers of services supplied in or from the territory of the other Party in order to ensure the imposition or collection of taxes on such consumers derived from sources in the Party's territory; (e) distinguish investors and service suppliers subject to tax on worldwide taxable items from other investors and service suppliers, in recognition of the difference in the nature of the tax base between them; or (f) determine, allocate or apportion income, profit, gain, loss, deduction or credit of resident persons or branches, or between related persons or branches of the same person, in order to safeguard the Party's tax base. Tax terms or concepts in this paragraph and this footnote are determined according to tax definitions and concepts, or equivalent or similar definitions and concepts, under the domestic law of the Party taking the measure.

Chapter EIGHT. PAYMENTS AND CAPITAL MOVEMENTS

Article 8.1. Current Payments

The Parties undertake to impose no restrictions on, and to allow, all payments and transfers on the current account of balance of payments between residents of the Parties to be made in freely convertible currency, in accordance with the Articles of Agreement of the International Monetary Fund.

Article 8.2. Capital Movements

1. With regard to transactions on the capital and financial account of balance of payments, the Parties undertake to impose no restrictions on the free movement of capital relating to direct investments made in accordance with the laws of the host country, to investments and other transactions liberalised in accordance with Chapter Seven (Trade in Services, Establishment and Electronic Commerce) and to the liquidation and repatriation of such invested capital and of any profit generated therefrom.

2. Without prejudice to other provisions in this Agreement, the Parties shall ensure, with regard to transactions not covered by paragraph 1 on the capital and financial account of balance of payments, in accordance with the laws of the host country, the free movement by investors of the other Party of capital relating to, inter alia:

(a) credits related to commercial transactions including the provision of services in which a resident of a Party is participating;

(b) financial loans and credits; or

(c) capital participation in a juridical person with no intention of estab- lishing or maintaining lasting economic links.

3. Without prejudice to other provisions in this Agreement, the Parties shall not introduce any new restrictions on the movement of capital between residents of the Parties and shall not make the existing arrangements more restrictive.

4. The Parties may hold consultations with a view to further facili- tating the movement of capital between them in order to promote the objectives of this Agreement.

Article 8.3. Exceptions

Subject to the requirement that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination between countries where like conditions prevail, or a disguised restriction on capital movements, nothing in this Chapter shall be construed to prevent the adoption or enforcement by either Party of measures:

(a) necessary to protect public security and public morals or to maintain public order; or

(b) necessary to secure compliance with laws or regulations which are not inconsistent with the provisions of this Chapter including those relating to:

(i) the prevention of criminal or penal offences, deceptive and fraudulent practices or to deal with the effects of a default on contracts (bankruptcy, insolvency and protection of the right of creditors);

(ii) measures adopted or maintained to ensure the integrity and stability of a Party's financial system;

(iii) issuing, trading or dealing in securities, options, futures or other derivatives;

(iv) financial reporting or record keeping of transfers when necessary to assist law enforcement or financial regulatory authorities; or

(v) ensuring compliance with orders or judgements in juridical or administrative proceedings.

Article 8.4. Safeguard Measures

1. Where, in exceptional circumstances, payments and capital movements between the Parties cause or threaten to cause serious difficulties for the operation of monetary policy or exchange rate policy (1) in Korea or one or more Member States of the European Union, safeguard measures with regard to capital movements that are strictly necessary (2) may be taken by the Parties concerned (3) for a period not exceeding six months (4).

2. The Trade Committee shall be informed forthwith of the adoption of any safeguard measure and, as soon as possible, of a time schedule for its removal.

(1) serious difficulties for the operation of monetary policy or exchange rate policy’ shall include, but not be limited to, serious balance of payments or external financial difficulties, and the safeguard measures under this Article shall not apply with respect to foreign direct investments.
(2) In particular, safeguard measures provided for in this Article should be applied in such a way that they: (a) are not confiscatory; (b) do not constitute a dual or multiple exchange rate practice; (c) do not otherwise interfere with investors' ability to earn a market rate of return in the territory of the Party who took safeguard measures on any restricted assets; (d) avoid unnecessary damage to the commercial, economic or financial interests of the other Party, (e) are temporary and phased out progressively as the situation calling for imposition of such measures improves; and (f) are promptly published by the competent authorities responsible for foreign exchange policy.
(3) The European Union or Member States of the European Union or Korea.
(4) As long as the circumstances present at the time of initial adoption of safeguard measures or any equivalent thereto still exist, the application of safeguard measures can be extended once for another six months by the Party concerned. However, if extremely exceptional circumstances arise such that a Party seeks further extension of the safeguard measures, it will coordinate in advance with the other Party concerning the implementation of any proposed extension.

Chapter NINE. GOVERNMENT PROCUREMENT

Article 9.1. General Provisions

1. The Parties reaffirm their rights and obligations under the Agreement on Government Procurement contained in Annex 4 to the WTO Agreement (hereinafter referred to as the "GPA 1994") and their interest in further expanding bilateral trading opportunities in each Party's government procurement market.

2. The Parties recognise their shared interest in promoting international liberalisation of government procurement markets in the context of the rules-based international trading system. The Parties shall continue to cooperate in the review under Article XXIV:7 of the GPA 1994 and in other appropriate international fora.

3. Nothing in this Chapter shall be construed to derogate from either Party's rights or obligations under the GPA 1994, or from an agreement which replaces it.

4. For all procurement covered by this Chapter, the Parties shall apply the provisionally agreed revised GPA text (1) (hereinafter referred to as the "revised GPA"), with the exception of the following:

(a) most favoured treatment for goods, services and suppliers of any other Party (subparagraph 1(b) and paragraph 2 of Article IV of the revised GPA);

(b) special and differential treatment for developing countries (Article V of the revised GPA);

(c) conditions for participation (paragraph 2 of Article VII of the revised GPA) which shall be replaced by: "shall not impose the condition that, in order for a supplier of a Party to participate in a procurement or be awarded a contract, the supplier has previously been awarded one or more contracts by a procuring entity of the other Party or that the supplier has prior work experience in the territory of that Party, except when prior works experience is essential to meet the requirements of the procurement;";

(d) institutions (Article XXI of the revised GPA); and

(e) final provisions (Article XXII of the revised GPA).

5. For the purposes of the application of the revised GPA under paragraph 4:

(a) "Agreement" in the revised GPA means "Chapter," except that "countries not Parties to this Agreement" means "non-Parties" and "Party to the Agreement" means "Party";

  • Chapter   ONE OBJECTIVES AND GENERAL DEFINITIONS 1
  • Article   1.1 Objectives 1
  • Article   1.2 General Definitions 1
  • Chapter   TWO NATIONAL TREATMENT AND MARKET ACCESS FOR GOODS 1
  • Section   A Common Provisions 1
  • Article   2.1 Objective 1
  • Article   2.2 Scope and Coverage 1
  • Article   2.3 Customs Duty 1
  • Article   2.4 Classification of Goods 1
  • Section   B Elimination of Customs Duties 1
  • Article   2.5 Elimination of Customs Duties 1
  • Article   2.6 Standstill 1
  • Article   2.7 Administration and Implementation of Tariff-rate Quotas 1
  • Section   C Non-tariff Measures 1
  • Article   2.8 National Treatment 1
  • Article   2.9 Import and Export Restrictions 1
  • Article   2.10 Fees and other Charges on Imports 1
  • Article   2.11 Duties, Taxes or other Fees and Charges on Exports 1
  • Article   2.12 Customs Valuation 1
  • Article   2.13 State Trading Enterprises 1
  • Article   2.14 Elimination of Sectoral Non-tariff Measures 1
  • Section   D Specific Exceptions Related to Goods 1
  • Article   2.15 General Exceptions 1
  • Section   E Institutional Provisions 1
  • Article   2.16 Committee on Trade In Goods 1
  • Article   2.17 Special Provisions on Administrative Cooperation 1
  • Chapter   THREE TRADE REMEDIES 1
  • Section   A Bilateral Safeguard Measures 1
  • Article   3.1 Application of a Bilateral Safeguard Measure 1
  • Article   3.2 Conditions and Limitations 1
  • Article   3.3 Provisional Measures 2
  • Article   3.4 Compensation 2
  • Article   3.5 Definitions 2
  • Section   B Agricultural Safeguard Measures 2
  • Article   3.6 Agricultural Safeguard Measures 2
  • Section   C Global Safeguard Measures 2
  • Article   3.7 Global Safeguard Measures 2
  • Section   D Anti-dumping and Countervailing Duties 2
  • Article   3.8 General Provisions 2
  • Article   3.9 Notification 2
  • Article   3.10 Consideration of Public Interests 2
  • Article   3.11 Investigation after Termination Resulting from a Review 2
  • Article   3.12 Cumulative Assessment 2
  • Article   3.13 De-minimis Standard Applicable to Review 2
  • Article   3.14 Lesser Duty Rule 2
  • Article   3.15 Dispute Settlement 2
  • Section   E Institutional Provisions 2
  • Article   3.16 Working Group on Trade Remedy Cooperation 2
  • Chapter   FOUR TECHNICAL BARRIERS TO TRADE 2
  • Article   4.1 Affirmation of the TBT Agreement 2
  • Article   4.2 Scope and Definitions 2
  • Article   4.3 Joint Cooperation 2
  • Article   4.4 Technical Regulations 2
  • Article   4.5 Standards 2
  • Article   4.6 Conformity Assessment and Accreditation 2
  • Article   4.7 Market Surveillance 2
  • Article   4.8 Conformity Assessment Fees 2
  • Article   4.9 Marking and Labelling 2
  • Article   4.10 Coordination Mechanism 2
  • Chapter   FIVE SANITARY AND PHYTOSANITARY MEASURES 2
  • Article   5.1 Objective 3
  • Article   5.2 Scope 3
  • Article   5.3 Definition 3
  • Article   5.4 Rights and Obligations 3
  • Article   5.5 Transparency and Exchange of Information 3
  • Article   5.6 International Standards  3
  • Article   5.7 Import Requirements 3
  • Article   5.8 Measures Linked to Animal and Plant Health 3
  • Article   5.9 Cooperation on Animal Welfare 3
  • Article   5.10 Committee on Sanitary and Phytosanitary Measures 3
  • Article   5.11 Dispute Settlement 3
  • Chapter   SIX CUSTOMS AND TRADE FACILITATION 3
  • Article   6.1 Objectives and Principles 3
  • Article   6.2 Release of Goods 3
  • Article   6.3 Simplified Customs Procedure 3
  • Article   6.4 Risk Management 3
  • Article   6.5 Transparency 3
  • Article   6.6 Advance Rulings 3
  • Article   6.7 Appeal Procedures 3
  • Article   6.8 Confidentiality 3
  • Article   6.9 Fees and Charges 3
  • Article   6.10 Pre-shipment Inspections 3
  • Article   6.11 Post-clearance Audit 3
  • Article   6.12 Customs Valuation 3
  • Article   6.13 Customs Cooperation 3
  • Article   6.14 Mutual Administrative Assistance In Customs Matters 3
  • Article   6.15 Customs Contact Points 3
  • Article   6.16 Customs Committee 3
  • Chapter   SEVEN TRADE IN SERVICES, ESTABLISHMENT AND ELECTRONIC COMMERCE 3
  • Section   A General Provisions 3
  • Article   7.1 Objective, Scope and Coverage 3
  • Article   7.2 Definitions 3
  • Article   7.3 Committee on Trade In Services, Establishment and Electronic Commerce 4
  • Section   B Cross-border Supply of Services 4
  • Article   7.4 Scope and Definitions 4
  • Article   7.5 Market Access 4
  • Article   7.6 National Treatment 4
  • Article   7.7 Lists of Commitments 4
  • Article   7.8 MFN Treatment  (1) 4
  • Section   C Establishment 4
  • Article   7.9 Definitions 4
  • Article   7.10 Scope 4
  • Article   7.11 Market Access 4
  • Article   7.12 National Treatment  (1) 4
  • Article   7.13 Lists of Commitments 4
  • Article   7.14 MFN Treatment  (1) 4
  • Article   7.15 Other Agreements 4
  • Article   7.16 Review of the Investment Legal Framework 4
  • Section   D Temporary Presence of Natural Persons for Business 4
  • Article   7.17 Scope and Definitions 4
  • Article   7.18 Key Personnel and Graduate Trainees 5
  • Article   7.19 Business Service Sellers 5
  • Article   7.20 Contractual Service Supplier and Independent Professionals 5
  • Section   E Regulatory Framework 5
  • Subsection   A Provisions of General Application 5
  • Article   7.21 Mutual Recognition 5
  • Article   7.22 Transparency and Confidential Information 5
  • Article   7.23 Domestic Regulation 5
  • Article   7.24 Governance 5
  • Subsection   B Computer Services 5
  • Article   7.25 Computer Services 5
  • Subsection   C Postal and Courier Services 5
  • Article   7.26 Regulatory Principles 5
  • Subsection   D Telecommunications Services 5
  • Article   7.27 Scope and Definitions 5
  • Article   7.28 Regulatory Authority 5
  • Article   7.29 Authorisation to Provide Telecommunications Services 5
  • Article   7.30 Competitive Safeguards on Major Suppliers 5
  • Article   7.31 Interconnection 5
  • Article   7.32 Number Portability 5
  • Article   7.33 Allocation and Use of Scarce Resources 5
  • Article   7.34 Universal Service 5
  • Article   7.35 Confidentiality of Information 5
  • Article   7.36 Resolution of Telecommunications Disputes 5
  • Subsection   E Financial Services 5
  • Article   7.37 Scope and Definitions 5
  • Article   7.38 Prudential Carve-out  (1) 6
  • Article   7.39 Transparency 6
  • Article   7.40 Self-regulatory Organisations 6
  • Article   7.41 Payment and Clearing Systems 6
  • Article   7.42 New Financial Services 6
  • Article   7.43 Data Processing 6
  • Article   7.44 Specific Exceptions 6
  • Article   7.45 Dispute Settlement 6
  • Article   7.46 Recognition 6
  • Subsection   F International Maritime Transport Services 6
  • Article   7.47 Scope, Definitions and Principles 6
  • Section   F Electronic Commerce 6
  • Article   7.48 Objective and Principles 6
  • Article   7.49 Cooperation on Regulatory Issues 6
  • Section   G Exceptions 6
  • Article   7.50 Exceptions 6
  • Chapter   EIGHT PAYMENTS AND CAPITAL MOVEMENTS 6
  • Article   8.1 Current Payments 6
  • Article   8.2 Capital Movements 6
  • Article   8.3 Exceptions 6
  • Article   8.4 Safeguard Measures 6
  • Chapter   NINE GOVERNMENT PROCUREMENT 6
  • Article   9.1 General Provisions 6
  • Article   9.2 Scope and Coverage 7
  • Article   9.3 Government Procurement Working Group 7
  • Chapter   TEN INTELLECTUAL PROPERTY 7
  • Section   A General Provisions 7
  • Article   10.1 Objectives 7
  • Article   10.2 Nature and Scope of Obligations 7
  • Article   10.3 Transfer of Technology 7
  • Article   10.4 Exhaustion 7
  • Section   B Standards Concerning Intellectual Property Rights 7
  • Subsection   A Copyright and Related Rights 7
  • Article   10.5 Protection Granted 7
  • Article   10.6 Duration of Authors' Rights 7
  • Article   10.7 Broadcasting Organisations 7
  • Article   10.8 Cooperation on Collective Management of Rights 7
  • Article   10.9 Broadcasting and Communication to the Public 7
  • Article   10.10 Artists' Resale Right In Works of Art 7
  • Article   10.11 Limitations and Exceptions 7
  • Article   10.12 Protection of Technological Measures 7
  • Article   10.13 Protection of Rights Management Information 7
  • Article   10.14 Transitional Provision 7
  • Subsection   B Trademarks 7
  • Article   10.15 Registration Procedure 7
  • Article   10.16 International Agreements 7
  • Article   10.17 Exceptions to the Rights Conferred by a Trademark 7
  • Subsection   C Geographical Indications  (1) (2) 7
  • Article   10.18 Recognition of Geographical Indications for Agricultural Products and Foodstuffs and Wines 7
  • Article   10.19 Recognition of Specific Geographical Indications for Wines, Aromatised Wines and Spirits  (1) (2) (3) 7
  • Article   10.20 Right of Use 7
  • Article   10.21 Scope of Protection 7
  • Article   10.22 Enforcement of Protection 7
  • Article   10.23 Relationship with Trademarks 7
  • Article   10.24 Addition of Geographical Indications for Protection  (1) 7
  • Article   10.25 Working Group on Geographical Indications 7
  • Article   10.26 Individual Applications for Protection of Geographical Indications 8
  • Subsection   D Designs 8
  • Article   10.27 Protection of Registered Designs 8
  • Article   10.28 Rights Conferred by Registration 8
  • Article   10.29 Protection Conferred to Unregistered Appearance 8
  • Article   10.30 Term of Protection 8
  • Article   10.31 Exceptions 8
  • Article   10.32 Relationship with Copyright 8
  • Subsection   E Patents 8
  • Article   10.33 International Agreement 8
  • Article   10.34 Patents and Public Health 8
  • Article   10.35 Extension of the Duration of the Rights Conferred by Patent Protection 8
  • Article   10.36 Protection of Data Submitted to Obtain a Marketing Authorisation for Pharmaceutical Products  (1) 8
  • Article   10.37 Protection of Data Submitted to Obtain a Marketing Authorisation for Plant Protection Products 8
  • Article   10.38 Implementation 8
  • Subsection   F Other Provisions 8
  • Article   10.39 Plant Varieties 8
  • Article   10.40 Genetic Resources, Traditional Knowledge and Folklore 8
  • Section   C Enforcement of Intellectual Property Rights 8
  • Article   10.41 General Obligations 8
  • Article   10.42 Entitled Applicants 8
  • Subsection   A Civil Measures 8
  • Article   10.43 Evidence 8
  • Article   10.44 Provisional Measures for Preserving Evidence 8
  • Article   10.45 Right of Information 8
  • Article   10.46 Provisional and Precautionary Measures 8
  • Article   10.47 Corrective Measures 8
  • Article   10.48 Injunctions 8
  • Article   10.49 Alternative Measures 8
  • Article   10.50 Damages 8
  • Article   10.51 Legal Costs 8
  • Article   10.52 Publication of Judicial Decisions 8
  • Article   10.53 Presumption of Authorship or Ownership 8
  • Subsection   B Criminal Enforcement 8
  • Article   10.54 Scope of Criminal Enforcement 8
  • Article   10.55 Geographical Indications and Designs Counterfeiting 8
  • Article   10.56 Liability of Legal Persons 8
  • Article   10.57 Aiding and Abetting 8
  • Article   10.58 Seizure 8
  • Article   10.59 Penalties 8
  • Article   10.60 Confiscation 8
  • Article   10.61 Rights of Third Parties 8
  • Subsection   C Liability of Online Service Providers 8
  • Article   10.62 Liability of Online Service Providers  (1) 8
  • Article   10.63 Liability of Online Service Providers: "mere Conduit"™ 8
  • Article   10.64 Liability of Online Service Providers: "caching" 9
  • Article   10.65 Liability of Online Service Providers: "hosting" 9
  • Article   10.66 No General Obligation to Monitor 9
  • Subsection   D Other Provisions 9
  • Article   10.67 Border Measures 9
  • Article   10.68 Codes of Conduct 9
  • Article   10.69 Cooperation 9
  • Chapter   ELEVEN COMPETITION 9
  • Section   A Competition 9
  • Article   11.1 Principles 9
  • Article   11.2 Definitions 9
  • Article   11.3 Implementation 9
  • Article   11.4 Public Enterprises and Enterprises Entrusted with Special Rights or Exclusive Rights  (1) 9
  • Article   11.5 State Monopolies 9
  • Article   11.6 Cooperation 9
  • Article   11.7 Consultation 9
  • Article   11.8 Dispute Settlement 9
  • Section   B Subsidies 9
  • Article   11.9 Principles 9
  • Article   11.10 Definitions of a Subsidy and Specificity 9
  • Article   11.11 Prohibited Subsidies  (1) (2) 9
  • Article   11.12 Transparency 9
  • Article   11.13 Relation with the WTO Agreement 9
  • Article   11.14 Monitoring and Review 9
  • Article   11.15 Scope 9
  • Chapter   TWELVE TRANSPARENCY 9
  • Article   12.1 Definitions 9
  • Article   12.2 Objective and Scope 9
  • Article   12.3 Publication 9
  • Article   12.4 Enquiries and Contact Points 9
  • Article   12.5 Administrative Proceedings 9
  • Article   12.6 Review and Appeal 9
  • Article   12.7 Regulatory Quality and Performance and Good Administrative Behaviour 9
  • Article   12.8 Non-discrimination 9
  • Chapter   THIRTEEN TRADE AND SUSTAINABLE DEVELOPMENT 9
  • Article   13.1 Context and Objectives 9
  • Article   13.2 Scope 10
  • Article   13.3 Right to Regulate and Levels of Protection 10
  • Article   13.4 Multilateral Labour Standards and Agreements 10
  • Article   13.5 Multilateral Environmental Agreements 10
  • Article   13.6 Trade Favouring Sustainable Development 10
  • Article   13.7 Upholding Levels of Protection In the Application and Enforcement of Laws, Regulations or Standards 10
  • Article   13.8 Scientific Information 10
  • Article   13.9 Transparency 10
  • Article   13.10 Review of Sustainability Impacts 10
  • Article   13.11 Cooperation 10
  • Article   13.12 Institutional Mechanism 10
  • Article   13.13 Civil Society Dialogue Mechanism 10
  • Article   13.14 Government Consultations 10
  • Article   13.15 Panel of Experts 10
  • Article   13.16 Dispute Settlement 10
  • Chapter   FOURTEEN DISPUTE SETTLEMENT 10
  • Section   A Objective and Scope 10
  • Article   14.1 Objective 10
  • Article   14.2 Scope 10
  • Section   B Consultations 10
  • Article   14.3 Consultations 10
  • Section   C Dispute Settlement Procedures 10
  • Subsection   A Arbitration Procedure 10
  • Article   14.4 Initiation of the Arbitration Procedure 10
  • Article   14.5 Establishment of the Arbitration Panel 10
  • Article   14.6 Interim Panel Report 10
  • Article   14.7 Arbitration Panel Ruling 10
  • Subsection   B Compliance 10
  • Article   14.8 Compliance with the Arbitration Panel Ruling 10
  • Article   14.9 The Reasonable Period of Time for Compliance 10
  • Article   14.10 Review of Any Measure Taken to Comply with the Arbitration Panel Ruling 10
  • Article   14.11 Temporary Remedies In Case of Non-compliance 10
  • Article   14.12 Review of Any Measure Taken to Comply after the Suspension of Obligations 10
  • Subsection   C Common Provisions 10
  • Article   14.13 Mutually Agreed Solution 10
  • Article   14.14 Rules of Procedure 10
  • Article   14.15 Information and Technical Advice 10
  • Article   14.16 Rules of Interpretation 10
  • Article   14.17 Arbitration Panel Decisions and Rulings 10
  • Section   D General Provisions 10
  • Article   14.18 List of Arbitrators 10
  • Article   14.19 Relation with WTO Obligations 10
  • Article   14.20 Time Limits 10
  • Chapter   FIFTEEN INSTITUTIONAL, GENERAL AND FINAL PROVISIONS 10
  • Article   15.1 Trade Committee 10
  • Article   15.2 Specialised Committees 11
  • Article   15.3 Working Groups 11
  • Article   15.4 Decision-making 11
  • Article   15.5 Amendments 11
  • Article   15.6 Contact Points 11
  • Article   15.7 Taxation 11
  • Article   15.8 Balance-of-payments Exceptions 11
  • Article   15.9 Security Exceptions 11
  • Article   15.10 Entry Into Force 11
  • Article   15.11 Duration 11
  • Article   15.12 Fulfilment of Obligations 11
  • Article   15.13 Annexes, Appendices, Protocols and Notes 11
  • Article   15.14 Relation with other Agreements 11
  • Article   15.15 Territorial Application 11
  • Article   15.16 Authentic Texts 11
  • ANNEX 7-A  LISTS OF COMMITMENTS 11
  • ANNEX 7-A-2  EU PARTY LIST OF COMMITMENTS IN CONFORMITY WITH ARTICLE 7.13 (ESTABLISHMENT) 11
  • ANNEX 7-A-4  KOREA. SCHEDULE OF SPECIFIC COMMITMENTS IN CONFORMITY WITH ARTICLES 7.7, 7.13, 7.18 AND 7.19 14
  • ANNEX 13  COOPERATION ON TRADE AND SUSTAINABLE DEVELOPMENT 14
  • ANNEX 14-A  MEDIATION MECHANISM FOR NON-TARIFF MEASURES 14
  • 1 Objective 14
  • 2 Scope 14
  • Section   A PROCEDURE UNDER THE MEDIATION MECHANISM 14
  • 3 Initiation of the Mediation Procedure 14
  • 4 Selection of Mediator 14
  • 5 Rules of the Mediation Procedure 14
  • Section   B IMPLEMENTATION 14
  • 6 Implementation of a Mutually Agreed Solution 14
  • Section   C GENERAL PROVISIONS 14
  • 7 Relationship to Dispute Settlement 14
  • 8 Time Limits 14
  • 9 Costs 14
  • 10 Review 14
  • ANNEX 14-B  RULES OF PROCEDURE FOR ARBITRATION 14
  • 1 General Provisions 14
  • 2 Notifications 15
  • 3 Commencing the Arbitration 15
  • 4 Initial Submissions 15
  • 5 Working of Arbitration Panels 15
  • 6 Replacement 15
  • 7 Hearings 15
  • 8 Questions In Writing 15
  • 9 Confidentiality 15
  • 10 Ex Parte Contacts 15
  • 11 Amicus Curiae Submissions 15
  • 12 Urgent Cases 15
  • 13 Translation and Interpretation 15
  • 14 Calculation of Time Limits 15
  • 15 Other Procedures 15
  • ANNEX 14-C  CODE OF CONDUCT FOR MEMBERS OF ARBITRATION PANELS AND MEDIATORS 15
  • 1 Definitions 15
  • 2 Responsibilities to the Process 15
  • 3 Disclosure Obligations 15
  • 4 Duties of Members 15
  • 5 Independence and Impartiality of Members 15
  • 6 Obligations of Former Members 15
  • 7 Confidentiality 15
  • 8 Mediators 15