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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

Investment Provisions in the U.S.-South Korea Trade Agreement

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

Business MeetingForeign investment delivers significant economic benefits to U.S. companies and American workers. When U.S. companies can more easily expand to and invest in foreign markets, that can boost employment, increase wages, promote exports, and enhance innovation here at home by increasing demand for their products and services overseas.

The U.S.-South Korea trade agreement increases investment opportunities for U.S. companies in South Korea by providing them access to the market, strong investor protections, and a way for investors to enforce their rights. The agreement does not provide South Korean investors in the United States any more investment protections than U.S. law gives American investors here, and it ensures that the U.S. government and our state and local governments can continue to regulate in the public interest, including to protect public health, public safety, and the environment.

The agreement’s investment rules establish a stable framework for U.S. companies investing in South Korea, level the playing field, and require U.S. investors to be treated in accordance with the rule of law. The investment rules preserve a level playing field for U.S. investors here at home, and ensure government’s ability to look out for the public interest where South Korean investment is concerned.

KEY ELEMENTS

  • The agreement’s investment rules are largely drawn from U.S. law, and increase protections for U.S. investors in South Korea to the standards that they – and South Korean investors – already enjoy in the United States. These include requirements that the South Korean government will treat U.S. investors just as well as domestic investors or any other foreign investor. The South Korean government cannot illegally seize U.S. investors’ property or illegally destroy the value of their investments without paying full compensation, and the South Korean government will allow U.S. investors to move their money into or out of South Korea. U.S. investors cannot be forced to transfer technology to South Korea as a condition for investing there, nor be required to hire local managers.

  • The agreement provides U.S. investors with locked-in and, in some cases, improved market access in key sectors in South Korea, such as delivery services, legal services, and telecommunications – where, for instance, American companies will be allowed to own 100 percent of a subsidiary in South Korea.

  • If a U.S. investor believes that the South Korean government has breached key investment rules of the agreement – for instance, a prohibition against discriminatory treatment of a U.S. investor – then that investor is guaranteed recourse to neutral, transparent, and binding international arbitration.

  • In the Trade Act of 2002, Congress mandated that trade agreements should not give foreign investors in the United States any greater substantive rights than American investors already receive – and all of the protections offered to South Korean investors in this agreement reflect U.S. law protections that are already available to all investors, both foreign and domestic, in the United States.

  • Nothing in the agreement’s investment rules prevents the federal government or a state or local government from adopting or maintaining laws or regulations to protect public health, public safety, the environment, or other public interests.

  • While South Korean investors will have recourse if they believe the United States has violated their rights, the rules of the agreement contain safeguards to deter and penalize frivolous suits. They require all arbitration proceedings be open to the public and allow the public to weigh in with the arbitration panel. Both countries can review how the agreement should be applied if there are concerns about how a panel may rule.