The Supreme Court of Korea ruled that the withholding of customs clearance by a Korean customs office for the importation of “real dolls” into Korea was unlawful ( 2021du49857 ). The Korean customs office held that the prohibition was justified because, in its opinion, the dolls may harm “pubic morals,” and Korea’s Customs laws and jurisprudence permit prohibiting the import of goods that may harm public morals even without a substantiated iteration of an argument noting that the prohibition is likely to harm public morals. In South Korea,
Continue readingCategory: Korean trade law
IPG Legal Expert Opinions on Korean Law for Foreign Courts and Law Firms
As complex cross-border litigation, arbitration, and international transactions continue to increase in Korea, foreign courts and overseas counsel are frequently required to apply or assess Korean law and the Korean legal system. In such cases, accurate and nuanced interpretation of Korean statutes, judicial precedent, and regulatory practice is essential. IPG Legal regularly works with foreign lawyers and courts to provide expert opinions on matters governed by Korean law. We often appear in court and provide legal opinions worldwide. The Role of Korean Law Expert Opinions in Cross-Border
Continue readingProhibited Korean Industries for Foreign Individuals and Companies Doing Business and Investing in Korea
Under the Foreign Investment Promotion Act of Korea and its enforcement decree, investments by foreign enterprises and individuals are prohibited in the following industries. Please consult with an attorney in Korea if you intend to conduct business or invest in a company in one of these industries. Please note that the lists stated below are the major prohibited industries; thus, some industries are not listed, and industries change from time to time. Foreign Ownership Prohibited by Foreigners in Korea No More than 49% Foreign Investment Permitted No
Continue readingKorea–U.S. Gyeongju Trade & Security Talks: What Was Negotiated, What’s Binding, and What Companies Should Do Now
The following is a basic summary of the known results of the Korea-US Gyeongju Meeting between the United States and the Republic of Korea. We shall update the reader as more details become available. Korea and the U.S., as is typical at this stage, have a mere framework agreement. Major Outcomes of the U.S. – Korea Trade Discussions Is any of this legally binding? Short answer: Not yet – in a treaty sense. What we have is a leaders’ agreement/framework that still needs to be translated into
Continue readingKorean Technology Collateralization & Cross-Border M&As with Korean Companies: Korea’s Restrictions on the Transfer of Korean National Core Technologies
Key Amendments to the Korean Industrial Technology Protection Act and the Korean Fifth Comprehensive Plan for the Prevention of Divulgence and Protection of Industrial Technology On December 27, 2024, Korea’s National Assembly passed a major amendment to the Act on the Prevention of Divulgence and Protection of Industrial Technology (the “Amended Industrial Technology Protection Act” or “Amended ITA”). The revised framework significantly tightens restrictions on industrial technology transfers, particularly National Core Technologies (“NCTs”). The major impetus for the amendment is to protect Korean technology from misappropriation by
Continue readingKorea Tightens National Security Reviews of Foreign Investment
The Republic of Korea welcomes foreign direct investment (“FDI”) under the Foreign Investment Promotion Act (FIPA) and historically views inbound investment as critical to economic growth and technological advancement. The Korean government, however, has maintained discretion to limit or condition foreign investments that raise concerns for national security, public order, or that may compete with strategic industries. With the new administration and changes in political realities, the Korean government, via the Korean Ministry of Trade, Industry and Energy (MOTIE), is taking a more active stance in the review
Continue readingKorean Supreme Court Convicts Taiwanese Company for Trade Secret Theft: Key Lessons for Global Businesses
In August of 2025, the Supreme Court of Korea’s Second Criminal Division (Case No. 2022Do8664) issued a landmark ruling against Everlight Electronics, a Taiwanese LED manufacturer, for stealing the trade secrets of Seoul Semiconductor, a Korean competitor. The Court imposed a fine of KRW 60 million under the Industrial Technology Protection Act and the Unfair Competition Prevention Act of Korea, affirming that Korean courts may exercise jurisdiction over foreign corporations when unlawful conduct occurs in Korea. The case is particularly important for foreign capital-invested companies doing business
Continue readingKorea-Ecuador Free Trade Agreement
The Republic of Korea (“South Korea”) and the Republic of Ecuador (“Ecuador”) executed this month a Strategic Economic Cooperation Agreement. Under this agreement between Ecuador and Korea, South Korea shall eliminate tariffs on 96.4 percent of items and Ecuador shall eliminate tariffs on 92.8 percent of items. Korea expects an increase in exports of automobiles, appliances, food products, Korean films, music, and other cultural content. While, Ecuador expects an increase in the export of raw materials including copper, silver, and zinc. We expect to see more Korean
Continue readingTop 100 Korean Lawyers & Legal Consultants in Korea
Sean Hayes, an attorney for the Top Korean Dispute Resolution Law Firm of the Year was rated by LawAsia, one of the leading peer-reviewed publications in Asia, as a Top 100 Lawyer in Korea. Sean Hayes is one of the only non-Korean attorneys on this Korean Lawyer “A-list” and the only non-Korean that was on the list each year the list was published. Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first
Continue readingProposed Amendments to the Monopoly Regulation and Fair Trade Law: 2023
Proposed Amendments to the Monopoly Regulation and Fair Trade Law: Extending Merger Notification Exemptions and Adding a Voluntary Commitment System. The Monopoly Regulation and Fair Trade Act (MRFTA) is being revised, and the Korea Fair Trade Commission (KFTC) has released an advance notice of these proposed changes, which include, among other things, (i) expanding merger notification exemptions; and (ii) introducing commitment processes for merger control. (the “Proposed Revisions”). The KFTC will solicit and compile feedback on the Proposed Revisions during a public notice period that lasts through
Continue reading
You must be logged in to post a comment.