Home / Knowledge / News / South Korean Parliament approves Korea-US FTA
South Korean Parliament approves Korea-US FTA
23
Nov '11
The Republic of Korea-United States Free Trade Agreement (KORUS FTA) has been ratified by the National Assembly of South Korea, thus taking a step closer towards its implementation form January 1, 2012.

The KORUS FTA was signed in 2007, and since then the accord had been awaiting approval from legislative houses of both the countries. In October 2011, the bill was passed by the US Congress and was later signed into law by President Barack Obama.

The implementation of KORUS FTA would make it the biggest US trade pact since the coming into force of the North American Free Trade Agreement (NAFTA) in 1994.

For South Korea, the pact would make it the only country to have such a trade agreement with the world's three major economic blocs. South Korea already has FTA in place with the European Union (EU) and the Association of South East Asian Nations (ASEAN).

The South Korean Government is expecting that the trade accord would significantly boost its economy and result in the creation of 350,000 new employment opportunities in the country.

The Trade Ministry estimates Korea's exports to the US to rise at an annual average of US$ 1.285 billion during the next 15 years. It also projects the imports from the US to increase by US$ 1.147 billion per annum, resulting in improvement of Korea's trade balance with the US by US$ 138 million every year.

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search