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March 15, 2012
Jobs On The Way: U.S.-Korea Trade Agreement Enters Into Force

 

February 21, 2012
United States, Korea Set Date for Entry Into Force of U.S.-Korea Trade Agreement

 

February 18, 2012
Update on Implementation of the U.S.-Korea Trade Agreement

 

January 25, 2012
Update on Implementation of Trade Agreements with Korea, Colombia, and Panama

 

January 6, 2012
Update on Implementation of Trade Agreements with Korea, Colombia, and Panama

 

December 19, 2011
Update on Implementation of Trade Agreements with Korea, Colombia, and Panama

 

December 5, 2011
Update on Implementation of Free Trade Agreements with Korea, Colombia, and Panama

 

October 21, 2011:
Statement By U.S. Trade Representative Ron Kirk On Presidential Signature Of Trade Legislation

 

October 13, 2011
BLOG: Statements Regarding the Congressional Approval of the Korea, Colombia, and Panama Trade Agreements

 

 

FACT SHEET: From Enactment To Entry Into Force: Next Steps On The Trade Agreements

 

October 12, 2011:
Statement By U.S. Trade Representative Ron Kirk On Congressional Passage Of Trade Agreements, Trade Adjustment Assistance And Key Preference Programs

 

October 3, 2011
U.S Trade Representative Ron Kirk Calls for Swift Passage of Trade Agreements 

 

 

August 3,2011:
Kirk Comment on Pending Trade Agreements, Trade Adjustment Assistance 

 

July 7, 2011:
USTR Kirk Comments Following Trade Markups In Senate Finance, House Ways and Means Committees

  

July 5, 2011:
Statement from USTR Kirk Regarding Announcement of House Ways & Means Committee Markup

 

June 30, 2011:
Ambassador Kirk Statement Regarding the Planned Informal Markup in The Senate Finance Committee

 

June 29, 2011:
INFO: Links on Pending Trade Agreements, TAA, Preference Programs

 

June 28, 2011:
U.S. Trade Representative Ron Kirk Welcomes Next Steps on Pending Trade Pacts, Trade Adjustment Assistance

 

April 7, 2011:
Statement by Ambassador Demetrios Marantis before the House Ways and Means Subcommittee on Trade

 

February 10, 2011:
Signed Legal Texts Related to the U.S.-South Korea Trade Agreement 

 

December 3, 2011:
Statement by the President Announcing the U.S.-South Korea Trade Agreement  

 

Important U.S.-South Korea Links


Port of MiamiBenefits for Your Industry: USTR Fact Sheets

This Agreement would eliminate tariffs on over 95 percent of industrial and consumer goods within five years. It will promote the further integration of the U.S. and South Korean economies and enhance the competitiveness of U.S. businesses in the world’s 12th largest economy. Visit USTR's Fact Sheet page to find out how the agreement will specifically benefit your sector.

 

Tractor in a fieldBenefits for Your Farm: Agriculture Fact Sheets

The United States is already South Korea’s top supplier of agriculture products, including of a broad variety of farm products such as almonds, fresh cherries, hides and skins and corn. The U.S.-South Korea trade agreement creates new opportunities for U.S. farmers, ranchers and food processors seeking to export to South Korea’s 49 million consumers, giving American agricultural producers more market access in two ways – by getting rid of tariffs charged when U.S. exports come into South Korea, and by laying out a framework to tackle other barriers to U.S. exports –even those that might arise in the future. Visit the Department of Agriculture's website to find out how the agreement will benefit your sector.

 

Manufacturing PlantBenefits for Your Sector: Industry Fact Sheets: Benefits for Your Sector

The U.S-South Korea trade agreement creates new opportunities for U.S. manufacturers seeking to export to South Korea in two ways: first, it eliminates tariffs, or duties, charged when U.S. exports come into South Korea; and it addresses non-tariff barriers to U.S. exports – whether by eliminating barriers that are in place today, or by establishing a framework to prevent non-tariff barriers from arising in the future. Visit the Department of Commerce's website to find out how the agreement will benefit your sector.  

 

AgreementFull Text of the Agreement

Read the full text of the U.S.-South Korea trade agreement, which is an integral part of the President’s efforts to increase opportunities for U.S. businesses, farmers and workers through improved access for their products and services in foreign markets, and supports the President’s National Export Initiative goal of doubling of U.S. exports in 5 years. You can find the Legal Texts reflecting December 3, 2010 Agreement here. You can also find an updated text of the South Korean-language version of the U.S.-South Korea trade agreement here.

Support for the U.S.-South Korea Trade Agreement

Statements of support for the U.S.-South Korea Trade Agreement from various elected officials, the business community, and advocacy groups can be found below.

 

Visit Your Government Trade Partners

Visit USTR's partners across the federal government to learn more about their part in the trade agreement.

Department of Agriculture Seal     Department of Agriculture

Commerce Seal     Commerce Department

Labor Department Seal     Department of Labor

OMB Seal     Office of Management and Budget

Export Import Bank Seal      Export-Import Bank

SBA Seal      Small Business Administration

OPIC Seal      Overseas Private Investment Corp.

USTDA Seal      Trade and Development Agency

State Department Seal      State Department

Financial Services in the U.S.-Korea Trade Agreement

Trade Agreement Home  •  Jobs  •  New Opportunities  •  Meet American Businesses  •  Key Facts

The financial services chapter in the U.S.-South Korea trade agreement provides extensive market access into South Korea for American financial services firms – supplementing and modifying the agreement’s rules on investment and services without undermining the right of U.S. financial regulators to take action to ensure the integrity and stability of financial markets or address a financial crisis. Importantly, South Korea commits to treat U.S. financial institutions comparably to their competitors in the South Korean market.

KEY ELEMENTS

  • Under this agreement, U.S. and South Korean financial institutions will be able to establish or acquire financial institutions in each other’s markets and may choose whether to establish that institution as a subsidiary or a branch, based on what best fits their business models. The United States and South Korea agreed to some limited exceptions to this commitment, for example, in order to preserve U.S. laws regarding financial services. In every case, all financial institutions must comply with capital requirements, licensing requirements and other regulations set out by financial authorities.

  • The Insurance Information Institute estimated the South Korean insurance market to be $97 billion in 2008, making every one-percent increase in U.S. market share worth $970 million. The agreement sets out a number of significant steps that South Korea has agreed to take toward creating a level playing field for U.S. insurance companies competing with government-owned South Korea Post and cooperative insurance suppliers, such as giving South Korea’s insurance regulatory agency – which also regulates American companies selling insurance in South Korea – a greater role in the supervision of South Korea Post.

  • U.S. and South Korean firms will be able to supply a clearly defined set of financial services into each other’s markets. In banking and securities, this is limited to advisory services, financial information and data processing, and portfolio management services for investment funds. In insurance, these services include marine, aviation and transport insurance; insurance for goods in international transit; reinsurance and retrocession; services necessary to provide insurance, such as actuarial services or claims settlement; and, the ability for an insurance service supplier to serve as an agent or broker for a large commercial risk – such as, insuring a shipping fleet and the goods it carries. Neither the United States nor South Korea makes any commitment to allow the cross-border sale of core banking, securities or insurance services.

  • The agreement requires South Korea to improve transparency in its financial regulation. In line with U.S. practice, South Korea agreed to generally publish proposed financial services regulations in advance and give interested persons a reasonable opportunity to comment on them. In addition, the agreement requires South Korea to be more transparent about how its regulatory regime and application processes work, and what financial activities or services are allowed. The agreement also locks in a recently enacted South Korean policy to provide financial services companies with guidance in writing.

  • The agreement requires South Korea to allow financial institutions to transfer data into and out of its territory, allowing for more efficient data processing.

  • The agreement establishes a framework for the United States and South Korea to discuss issues of concern regarding financial services, and in particular to review future developments in the market for insurance and in competitive conditions affecting the sector.