Industrial Goods and Consumer Products:
Nearly 95% of bilateral trade in consumer and industrial products becomes duty-free within three years of entry into force of the Agreement, with most remaining tariffs eliminated within 10 years.
Textiles:
With the inclusion of the “yarn forward” rule of origin, the KORUS FTA will give apparel products from Korea preferential access to the U.S. market while supporting U.S. fabric and yarn exports and jobs. Textile and apparel makers in both countries will benefit from a special textile safeguard and strong customs enforcement requirements.
Background:
The KORUS FTA was launched on February 2, 2006, and the first of eight formal negotiating rounds took place in June 2006.
Korea was the world's seventh largest goods exporter ($284 billion) and importer ($261 billion) in 2005 – the fourth largest in Asia. Korea was also the world's tenth largest services exporter ($44 billion) and sixth largest services importer ($58 billion) in 2004. Over the past ten years, Korea's real average annual growth rate in trade was two and a half times the pace of its GDP growth.
This FTA will strengthen the more than fifty-year-old alliance between the United States and Korea and will underscore the substantial U.S. engagement in and commitment to East Asia. The KORUS FTA will also help cement important political and economic reforms that Korea has undertaken in the past decade and help promote strongeconomic relations with the region.
United States Trade Representative
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