Article 22.1 of the U.S.-Korea Free Trade Agreement provides for the creation of a joint committee to monitor the implementation of the agreement and to review trade relations between the parties. The committee is made up of government representatives, co-chaired by the U.S. Trade Representative and Korea`s Trade Minister or their representative. The Joint Committee meets periodically each year to review the overall functioning of the Agreement, review and examine specific issues related to its activities, review and adopt amendments, facilitate the prevention and resolution of disputes arising from the Agreement, and interpret the Agreement; Explore opportunities to improve trade relations between the parties; and take any other action agreed upon by the parties. Italy is ready to block a free trade agreement between the EU and South Korea unless it gives European carmakers a year to prepare for the removal of trade barriers. Meanwhile, the European Parliament is omitting its new legal muscles in the agreement. He also questioned whether the necessary changes would be made before the trade ministers` vote on Friday, at which the 27 EU member states will have to approve the deal. On October 12, 2011, the U.S. Congress approved the U.S.-Korea Free Trade Agreement. On October 21, 2011, the President of the United States signed an agreement on the implementation of the agreement.
On November 22, 2011, the Korean National Assembly approved the free trade agreement between the United States and Korea. The U.S.-Korea Free Trade Agreement came into force on March 15, 2012. It went beyond all previous EU agreements to remove trade barriers and was also the EU`s first trade agreement with an Asian country. The agreement contains provisions for trade remedies that relate to relevant WTO rules and provides for additional disciplines for these measures, including enhanced notifications and consultations. The agreement was the most comprehensive that the EU had negotiated at the time: import tariffs on all products were almost abolished and trade in services was profoundly liberal. It contains provisions relating to intellectual property (including geographical indications), public procurement, competition, regulatory transparency and sustainable development. There are also specific obligations against non-tariff barriers in sectors such as automotive, pharmacy and electronics.  This is the third trade agreement signed between South Korea and the European Union.
The first, the Customs Cooperation and Mutual Assistance Agreement, was signed on 13 May 1997.  This agreement allows competition policy to be distributed between the two parties.  The second agreement, the Framework Agreement on Trade and Cooperation, came into force on 1 April 2001. The framework aims to strengthen cooperation in various industrial sectors, including transport, energy, science and technology, industry, environment and culture.   Trade in processed agricultural products falls under Schedule IV of the main agreement. In addition, trade in agricultural commodities is covered by three bilateral agreements on basic agricultural products negotiated between the state of EFTA concerned and Korea. These agreements are part of the instruments for creating the free trade area. They are providing concessions on both sides. Negotiations began in May 2007 and were scheduled to conclude in March 2009; However, several issues had to be resolved before the agreement could be reached.  Seven rounds of negotiations on different aspects of the agreements were concluded during which issues were discussed on several issues such as rules of origin, car trade and the authorisation of certain tariff reductions.  “I would say you can`t have a pre-introduction until you`ve made sure Parliament has made its decision on this,” said centre-left MP Bernd Lange.