The Korea–United States Free Trade Agreement Enters into Force
2012-03-15
Tariffs disappeared from almost four-fifths of American industrial exports to South Korea when the Korea–United States Free Trade Agreement entered into force on 15 March 2012. Machinery, chemicals, and auto parts were among the goods affected. Nearly two-thirds of American agricultural exports also became duty free immediately. [2]
The governments had signed the agreement in June 2007, but putting it into effect took almost five years and further negotiations to address outstanding disputes in December 2010. The final arrangements opened opportunities in services as well as goods, with rules for customs administration, intellectual property, and the treatment of foreign suppliers. [1] [2]
Cars received particular attention. Alongside provisions on safety and environmental regulations, the agreement allowed American tariffs on passenger cars to return to earlier levels if South Korea breached certain commitments. Other duties would fall gradually. [2]
Related Diplomats
Sources
- Korea–United States Free Trade Agreement — USTR
Signature and entry into force
- Benefits of the U.S.–Korea Trade Agreement — USTR fact sheet
Immediate tariff changes, services, and vehicle safeguards
- Han Duck-soo
Biography
- Han Duck-soo
Career summary
- Ambassador Kirk Speaks About the Benefits a U.S.-Korea Trade Agreement will Bring to American Businesses and Workers
Third Way event report
Related Reading
Cite This Article
The Korea–United States Free Trade Agreement Enters into Force. Chanceries Diplopedia. Record 53d455018faeaaa24736. https://chanceries.org/research/history/korea-trade-066082472b/