News
U.S. Customs and Border Protection （CBP） released the U.S. - Korea Free Trade Agreement （KORUS FTA） Implementation Instructions offering guidance on eligibility requirements for preferential tariff treatment.
The comprehensive trade agreement, which is expected eliminate tariffs and other barriers to trade in goods and services, has entered into force today. South Korea is the 7th largest trading partner for the U.S. while the U.S. is the 3rd largest market for South Korea.
Under the new bilateral trade regime, almost 80 percent of U.S. exports to South Korea of consumer and industrial products can be imported duty free. Nearly 95 percent of remaining tariffs will be eliminated within 5 years after the implementation, and most remaining tariffs will be eliminated within 10 years.
