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3.56. The Agreement [RTA between Korea and the five Central American countries] contains, inter alia, provisions on national treatment and market access for goods, rules of origin and origin procedures (...) intellectual property rights, labour, environment, transparency, cooperation, competition policy, institutional provisions, dispute settlement, and exceptions. The end of implementation period is 2039. The parties are currently preparing to notify to the WTO.

3.58. (...) The bilateral Korea–United Kingdom RTA establishes a free trade area for trade in goods and for trade in services, as well as commitments on, inter alia, technical barriers to trade, (...) trade and sustainable development provisions, and dispute settlement and mediation mechanisms. (...).

3.77. Restrictions apply on foreign investment where it: (i) threatens the maintenance of national security and public order; (ii) has harmful effects on public hygiene or environmental preservation or is against Korean morals and customs; (...).

Table 2.1 FDI restricted sectors, 2021
Sector/business: Hydroelectric, thermoelectric, solar, and other power generation (except for nuclear power generation)
FDI limitation: Foreign nationals may purchase from the Korea Electric Power Corporation (KEPCO) no more than 30% of all domestic power generation facilities; Only applicable when foreigners purchase power generation facilities from KEPCO (including its subsidiaries)

Table 2.1 FDI restricted sectors, 2021
Sector/business: Waste collection, disposal, and material recovery
FDI limitation: Allowed, except for disposal of radioactive waste as stipulated in Article 9 of the Radioactive Waste Management Act

Table 2.2 Summary of FDI tax incentives, 2021
Tax incentives: Local tax (acquisition tax and property tax (property tax on land and buildings))
Business: Deliberated and voted upon by each committee for companies in the new growth driver industry[a], and businesses in individual-type foreign investment zones (FIZs)
Reduction period details: Full exemption for five years from the date the business commenced, and 50% for two years thereafter

[a] "New growth driver industry" refers to the following categories: future vehicles, intelligent information, (...) bio and health, new energy business and environment, composite and integrated materials, robotics, and aerospace.

4.4. Measures involving grants, tax concessions, and low-interest loans continued to support production and trade of various agricultural, forestry, fishing, coal mining, renewable energy, Fourth Industrial Revolution, and manufactured products, and to encourage SMEs, innovation, research and development (R&D), environmental protection, and FDI activities. (...).

4.56. Korea prohibits certain imports (prohibition except under defined conditions), mainly to protect human, animal, and plant life and health; safeguard the environment; and comply with other international commitments. These product categories include: (...) (iii) certain chemicals; and (iv) pollutants. (...).

4.60. During the review period, the legislative framework in this area was expanded and revised. [71] (...) MOTIE also updates the Consolidated Public Notice containing all export and import certification requirements. Import licensing procedures are maintained to: (...) (iv) safeguard the environment; (...) (vi) comply with international commitments. [73]

[71] New regulations included (...) Energy Use Rationalization Act; (...) Act on Registration, Evaluation, etc. of Chemicals; Persistent Organic Pollutants Control Act; Act on Chemical Products and Biocides; Act on Protective Action Guidelines Against Radiation in the Natural Environment; and Plant Protection Act. (...).
[73] With respect to international commitments, Korea is a participant in the following conventions and treaties: Kimberley Process; Rotterdam Convention on the Prior Informed Consent Procedure for Certain Hazardous Chemicals and Pesticides in International Trade; Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal; Stockholm Convention on Persistent Organic Pollutants (POPs); Montreal Protocol on Substances that Deplete the Ozone Layer; (...) Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES);

4.75. During the review period, the negative list of banned exports remained unchanged. Pursuant to Korea's WTO notification, export prohibitions, affecting 11 six-digit HS items, are in place to, inter alia: (...) preserve natural resources (e.g. uncut pieces of natural granite stones). [104] (...).

[104] Korea notified export prohibitions for whale meat and its products, uncut pieces of natural granite stones, (...) conditional prohibitions (prohibition except under defined conditions) apply to narcotics and drugs, defence materials, certain chemicals, and pollutants (for pollutants both conditional prohibition and non-automatic import licensing apply) under the Foreign Trade Act (Article XI) and Notification of Export and Import. (...)