Temporary implementation of the Protocol to the Free Trade Agreement between the EU and Korea in order to take into account Croatia’s accession is to come into effect 25 May 2014.
The Free Trade Agreement was signed 6 October 2010 and came into effect 1 July 2011. It liberalizes the trade in agricultural and industrial products and services, and contains provision on the origin of goods, market competition, state support, intellectual property, public procurement and investments.
In order to take into account Croatia’s accession to the EU, the European Commission 25 March 2014 signed a Protocol Additional to the EU-Korea Free Trade Agreement.
Temporary implementation of the Protocol means all provisions from the EU-Korea Free Trade Agreement apply to Croatia as well, while Article 9, Paragraph 2 stipulate retroactive implementation of the Agreement from 1 July 2013.
Temporary implementation of the Protocol allows Croatian business people to use preferential customs fees for Croatian products on the Korean market, thus ensuring better competitiveness.