EU`s Trade Barriers Regulation(`TBR), which came into effect on 1 January 1995, provides a mechanism for EU firms and industries to act against `unfair trade practices` which form trade barriers affecting their access to third country markets or the E...
EU`s Trade Barriers Regulation(`TBR), which came into effect on 1 January 1995, provides a mechanism for EU firms and industries to act against `unfair trade practices` which form trade barriers affecting their access to third country markets or the EU market. Since 1995, EU has opened TBR examination procedure three times against alleged trade barriers in Korea: (i) measures concerning import, distribution and advertising of cosmetics, perfume and toiletries products in Korea(1998); (ii) pricing and reimbursement of pharmaceutical products in the Korean market(1999); (iii) subsidies granted to or benefiting Korean shipbuilding companies. The initiation of the TBR procedure has indeed had significant impacts on trade relations between EU and Korea. The Korean-related cases indicate that TBR has provided the EU firms and industries with an important legal instrument to open Korean markets by eliminating obstacles to trade for the benefit of European industries.