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
Continue readingCategory: Korean trade law
Top 100 Korean Lawyers & Legal Consultants in Korea
Sean Hayes, head of 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
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
Continue readingWhat are the Largest Exports from Korea?
South Korea is an export-focused economy with a growing local service sector. Korea is one of the Top 10 largest economies in the world. IPG Legal is a leading internationally-facing law firm in Korea assisting companies entering and doing business with Korean companies. We work with clients on matters in North America, Korea, China and throughout Southeast Asia. Korea’s Top Exports Some of the largest exports from Korea include: Korea is a country whose economy relies heavily on exports with
Continue readingTop Law Firms in Korea for English-Speaking Clients According to 10 Magazine
We are proud to note that 10 Magazine listed us in an article titled 10 Lawyers in Seoul for English-Speaking Expats in Korea. IPG is listed under the title Large/International Law Firms. Thanks for the mention 10 Magazine. We love your work. IPG Legal and many of our lawyers were listed as top attorneys by numerous legal rating services and magazines. Sean Hayes was, also, rated a top 100 Attorney. The article by 10 Magazine on the law firms in Korea
Continue readingSelling in South Korea: For your Sales & Marketing in Korea – Distributor Needed? by Tom Coyner
Indirect selling can be one of the least expensive and lowest-risk strategies. Among American firms selling into Korea are offshore companies that use local distributors. Often, foreign companies organically grow their operations throughout Asia by contracting local companies before setting up a representative office and hiring their own local staff. This approach offers obvious advantages but also contains many hidden pitfalls. Before entering into any kind of international distribution agreement with a Korean distributor, for example, it may be wise
Continue readingCustom Clearance in Korea may be Getting Simplier for European Companies
Many of my clients have complained, over the years, that the Korean Customs Service (“KCS”) is much slower in clearing goods than other Asian customs departments. I have, also, run into instances where certain products were delayed significantly by the Customs Service in Korea because of inexperience with particular products. In the not-so-distant past, the KCS and other agencies were notorious for delaying clearance in order to allow Korean-made products to get to market first. Good news for companies and
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