Home / Knowledge / News / Textiles / KORUS FTA to benefit Korean textile industry – Experts
KORUS FTA to benefit Korean textile industry – Experts
24
Feb '12
The Korea-United States Free Trade Agreement (KORUS FTA) that is scheduled to become effective from March 15, 2012, will benefit South Korean textile industry, according to experts.

It is because, as per the FTA, South Korean textile exports to the US will enter duty-free, while South Korea will continue to levy a 10 percent value added tax (VAT) on its imports of textiles from the US.

Secondly, according to experts, the 35 percent threshold clause will also help South Korea to increase its textile item exports to the US.

Under the clause, any product made in Korea using only 35 percent of raw materials from South Korea can be labeled as a South Korean product, and it can gain zero-duty access to the US market.

Experts say this clause will enable South Korea to procure some of its raw materials from neighbouring countries, without depending on the US for availing the benefit of FTA.

KORUS FTA is considered to be the most significant trade agreement for the US after the North American Free Trade Agreement (NAFTA) of 1994.

It will open up South Korea's US$ 1 trillion economy for American workers, as the agreement envisages enforcement of fair labour laws that would allow US workers to compete in South Korea.

In addition, around 80 percent of US industrial goods and nearly two-thirds of US agricultural exports to South Korea would not attract any duty, which is estimated to add US$ 10-12 billion annually to the US GDP.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Sonam & Paras Modi
SVA

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

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

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

July 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

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

Yes No

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

Yes No

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


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



X