Korea-Us Free Trade Agreement Preference Criterion

You can also request a prejudicial referral for the HTS classification and other matters relating to your import products. www.cbp.gov/trade/rulings answer: the United States and Korea have had a long and mutually beneficial relationship based on respect and trust. The two countries began talks in 2006, laying the groundwork for the U.S.-Korea free trade agreement. In June 2010, President Barack Obama and President Lee Myung-bak reaffirmed their commitment to the free trade agreement and indicated that they would order their respective governments to resolve all remaining obstacles to the agreement by November 2010. In the fall of 2011, the U.S. Congress and the Korean National Assembly approved the agreement. The agreement entered into force on March 15, 2012. A detailed KORUS FTA timeline can be find on our history page. Another opportunity to examine tariffs under the free trade agreement is to examine the final text of the agreement. On the USTR website, you will find under the heading “Final Text” two tariff plans, one for products going to Korea and the other for products arriving in the United States.

www.ustr.gov/trade-agreements/free-trade-agreements/korus-fta/final-text Korea`s Free Trade Agreement (KORUS) came into force on March 15, 2012. Most Korean industrial and consumer products currently arrive in the United States duty-free and the Goods Processing Tax (MPF) and this figure will exceed 95% by 2016. 2016.export.gov/FTA/index.asp answer: the KORUS Free Trade Agreement lowers barriers to trade in goods, services and ideas and promotes the free movement of exports between countries, which benefits both businesses and consumers. Businesses in the United States and Korea will have expanded their opportunities for growth and access to a much larger pool of consumers in both countries. The agreement will also benefit consumers, who are expected to see lower prices. Answer: Under the free trade agreement, there is no mandatory standard certificate of origin. Article 6.15 contains the information to be provided in order to receive preferential treatment, but the agreement allows the importer to pass on this information as soon as he wishes to disclose it. In accordance with Article 6.15, you must be prepared to grant preferential treatment: any request for preferences under the Korean Free Trade Agreement must be supported by a certificate of origin attesting to the original character of the imported product.

This link contains a PDF model that shows how to structure such a certificate of origin. The model can be filled in and users can use it. Its use or respect for its structure is by no means mandatory. However, under the applicable rules, all data that is provided must be submitted, at CBP`s request, as part of a preferential tariff application. Open-form certification can be used by Korean manufacturers and exporters and U.S. importers as an alternative to original certification when they invoke compliance with the Korea Free Trade Agreement. Korea FTA Text: The full text of the agreement. For information on customs procedures imported from Korea, CBP has created a website and email address: www.cbp.gov/trade/free-trade-agreements/korea and fta@dhs.gov. Following an exchange of letters between Ambassador Froman and the Korean Minister of Trade, Mr. Yoon, as well as between Ambassador Froman and Ambassador Ahn of Korea, the United States and Korea agreed on a conversion of rules of origin specific to the products of the U.S.-Korea Free Trade Agreement (Annex 4-A, Annex 6-A and Appendix 6-A-1 of the Free Trade Agreement).