South Korea is a country that heavily relies on international trade, and as such, it has established several free trade agreements (FTAs) with various countries around the world. An FTA is an agreement between two or more countries that aims to promote bilateral trade by eliminating or reducing trade barriers, such as tariffs and quotas.
South Korea`s first FTA was signed with Chile in 2003, and since then, it has signed several other agreements with countries in Asia, Europe, and North America. Currently, South Korea has 16 FTAs in place, which cover more than 70% of the country`s total trade volume.
Here is a list of the FTAs that South Korea has signed:
1. Chile-South Korea FTA (2003)
2. Singapore-South Korea FTA (2005)
3. EFTA-South Korea FTA (2004)
4. ASEAN-South Korea FTA (2007)
5. United States-South Korea FTA (2012)
6. Peru-South Korea FTA (2011)
7. Colombia-South Korea FTA (2016)
8. China-South Korea FTA (2015)
9. Australia-South Korea FTA (2014)
10. Canada-South Korea FTA (2015)
11. New Zealand-South Korea FTA (2015)
12. Vietnam-South Korea FTA (2015)
13. Central America-South Korea FTA (2016)
14. European Union-South Korea FTA (2011)
15. Turkey-South Korea FTA (2013)
16. Indonesia-South Korea FTA (2020)
These FTAs have allowed South Korea to expand its trade networks, increase exports, and attract foreign investment. They have also provided opportunities for South Korean businesses to access new markets and gain a competitive advantage.
In conclusion, South Korea has established 16 FTAs with various countries around the world, which have been instrumental in promoting bilateral trade and economic growth. As a highly trade-dependent nation, South Korea will likely continue to negotiate and sign FTAs with other countries in the future.