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 25th Sep 2017

SVP Group to build $300 mn spinning plant in Sohar

ShriVallabh Pittie Industries (SVP) Group, a diversified yarn...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Courtesy: Business Wire

Textiles | On 25th Sep 2017

Invista to use ADN technology at joint project in France

Invista, a leading producer of chemical intermediates, polymers, and...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Priyanka
Studio Priyanka Rajiv

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

Marten Alkhagen
Swerea IVF AB

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Lynda Kelly
Suominen Corporation

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

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Sonam & Paras Modi
SVA

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

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