A global leader in innovation and technology, the Republic of Korea has adopted the free market economy with a number of 17 Free Trade Agreements with European Union, ASEAN, Australia, Canada, Central America (Partial), Chile, China, Colombia, Norway, Switzerland, Iceland and Liechtenstein, India, New Zealand, Peru, Singapore, U.K., U.S., Turkey and Vietnam. In October 2021, South Korea signed a trade pact with Cambodia in which is expected to be signed and ratified in the next year.
South Korea is a member of the World Trade Organization (WTO), Organization for Economic Cooperation and Development (OECD), Asia-Pacific Economic Cooperation (APEC) Forum and has signed subsidiary agreements including TRIPs (Trade Related Aspects of Intellectual Property) and the Government Procurement Agreement.
The country allows immediate release of goods with an import declaration system. Most commodities and goods imports by companies without any record of trade law violations will released upon acceptance of an import declaration with no Customs inspection. However, additional documentation and technical tests is required for several high-risk items relating to public health and sanitation, national security, and the environment. South Korea banned guns, narcotics, pornography, subversive material, treasonous material, and counterfeit goods from entering the country Excluding commodities on the Korea’s negative list, all commodities can be freely exported.
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