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Recent News


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

Pharmaceutical Products and Medical Devices Provisions in the U.S.-South Korea Trade Agreement

Stethoscope

The U.S.-South Korea trade agreement makes sure that American manufacturers of medicines and medical devices are able to compete in South Korea, based on fair, predictable, and understandable rules and regulations. At the same time, the agreement will help to promote high-quality health care and improve access to safe and effective medicines and medical devices, both patented and generic, in both countries.

KEY ELEMENTS

  • South Korea will completely eliminate its current tariffs – the duties charged when these products enter the country – which range as high as 8 percent on American medicines and 50 percent on medical devices. Tariffs on pharmaceuticals will be eliminated within three years of implementation of the agreement and tariffs on medical equipment will be eliminated within 10 years of implementation of the agreement.

  • South Korea has a National Health Insurance system. The agreement makes sure that American drug and medical device companies will be properly reimbursed for their products under South Korea’s system – with a set of rules that is clear and fair. Importantly, the basis for reimbursements will recognize the value of safe, innovative, and effective medicines and medical devices – the kinds of products that American companies provide.

  • Under the agreement, South Korea’s process for choosing, pricing, and paying for medicines and medical devices under its National Health Insurance system will have to be open and understandable. For instance, when South Korea’s government proposes new regulations related to pricing and reimbursement, those proposals will have to be published in advance, much like American government agencies publish proposed regulations for comment in the U.S. Federal Register. South Korea has agreed to respond to public comments in writing, and explain any substantial changes they make when the regulation becomes final. To make sure that pricing and reimbursement decisions are fair, South Korea will establish an independent review process as well.

  • The agreement encourages South Korea to accept test results performed in the United States for pharmaceuticals and medical devices.

  • Under the agreement, the United States and South Korea will also work to ensure that health care professionals are not given improper inducements to promote the sales of medicines or medical device products, and will establish a working group to discuss health care policy issues.