South Korea is the sixth largest exporter in the world. It has a prosperous export economy that presents significant opportunities for exporting firms in Korea and companies located abroad that are looking to partner with them. To take advantage of these opportunities and remain compliant with South Korean law, traders must understand South Korea’s export laws and regulations.
The Republic of Korea (ROK) has a complex, dynamic system for regulating exports of a range of goods and technologies. South Korean laws enable the government to restrict exports for reasons such as protection of public health, public safety, and the environment, cultural preservation, fulfillment of international commitments, and national security.
South Korean export regulations apply to items such as guns, defense industry materials, chemicals, narcotics, endangered wildlife, plants, military equipment, and dual-use items. Dual-use items are civilian goods and technologies that can be applied to a military or WMD use.
SECURUS Strategic Trade Solutions has issued a brief providing a short summary of South Korea’s export regulations as they stand in the fourth quarter of 2018. Please click here to view “Export Regulations in South Korea, Fourth Quarter 2018.”
The author of the brief, SECURUS Associate Emily Holub, notes the following about South Korea’s export landscape: “The ROK is making strides to enter into free trade agreements with countries from multiple regions in order to expand market access. For example, the South Korean government is currently negotiating with Mercosur countries to sign an agreement. It is also doing the same with China and Japan to enable regional free trade. Another important note is the frequency with which Korean legal authorities are amended. Legal authorities are amended regularly, typically at least once a year and sometimes multiple times a year.”
“Export Regulations in South Korea, Fourth Quarter 2018” reflects SECURUS’s knowledge of foreign trade regulations around the world and its efforts to provide the most up-to-date information to industry and governments. For more information about how SECURUS can help with your trade compliance needs, please contact us at Info@SECURUSTrade.com.