Home / Knowledge / News / Apparel/Garments / Korea-US FTA takes effect; apparel imports to be cheaper
Korea-US FTA takes effect; apparel imports to be cheaper
Mar '12
South Korean apparel imports from the US would become cheaper as the long-awaited Korea-US Free Trade Agreement (KORUS FTA) came into effect on March 15, 2012.

With the implementation of KORUS FTA, tariffs were immediately removed on 82.1 percent of US exports to South Korea, which includes apparel items such as jeans and shirts.

The existing 13 percent tariff on US apparels has been done away with as the FTA took effect. This would benefit an increasing number of Koreans who are opting to purchase American shirts and dresses through online shopping sites.

Previously, online shoppers were subjected to tariffs on items that had a price tag of over 150,000 won. But, with the FTA coming into effect, the tariff benefits will apply to both offline and Internet consumers.

The FTA was originally signed in July 2007, but it received approval from the US Congress only last October. With the coming into force of the FTA, South Korea has become the first Asian country to enjoy preferential tariffs under FTAs with both the European Union and the world's largest importer.

Experts say the pact will also boost competitiveness of Korean items in the world's largest economy as tariffs on 80.5 percent of Korean items destined to the US have also been removed.

According to them, the FTA has come into effect at an opportune time for South Korea, and would boost its exports, which are slackening due to the eurozone reeling under debt crisis.

Fibre2fashion News Desk - India

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Evelyne Cholet

‘France had a reputation of being big in new ideas, but poor in marketing...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search