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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

Government Procurement Benefits in the U.S.-South Korea Trade Agreement

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

Cash Register

Government procurement typically represents 10 to 15 percent of a country’s Gross Domestic Product, or total economic output. When trade agreements open foreign government procurement markets, they provide significant export opportunities for U.S. companies and American workers. When U.S. companies are able to sell into those foreign government procurement markets, they can boost exports and support better, higher-paying U.S. jobs.

The U.S.-South Korea trade agreement’s Government Procurement Chapter increases opportunities for U.S. companies to supply their goods and services to the South Korean government by providing them with strong protections and additional access to the procurement market. At the same time, the agreement’s government procurement rules ensure that certain American business sectors – such as small businesses or textile companies bidding on Department of Defense procurement – continue to receive the same protections they have in other agreements, and also ensure that American environmental and labor safeguards will be maintained.

KEY ELEMENTS:

  • The agreement’s government procurement obligations build and expand on obligations that the United States and South Korea already have under the World Trade Organization’s Agreement on Government Procurement (GPA) – which first opened South Korea’s government procurement market to U.S. firms. The U.S.-South Korea agreement expands U.S. firms’ access to the $100 billion South Korean government procurement market, creating new opportunities for exporters, and ensures that U.S. firms will get to bid on contracts on a level playing field with South Korean firms. Every one-percent increase in the U.S. market share of South Korean government procurement would be worth approximately $1 billion.

  • The agreement’s procurement obligations grant U.S. suppliers rights to bid on contracts to supply more South Korean government ministries, agencies and other central government entities than are covered under the WTO procurement agreement. The U.S.-South Korea agreement covers the purchases of nine additional South Korean central government agencies – from the South Korean Fair Trade Commission to the South Korean Broadcasting Commission. In addition, for all 51 South Korean central government agencies covered under the trade agreement, American contractors will now be able to bid on contracts valued at $100,000 and above, instead of contracts at $200,000 and above, as under the WTO procurement agreement. This will expand the procurements to which U.S. suppliers will have access.

  • The agreement encourages South Korea to adopt the latest and best emerging practices in government procurement, such as the use of electronic procurement tools, which will help U.S. small businesses – and all U.S. firms – more easily participate in government procurement in South Korea.

  • The agreement preserves the U.S. right to set aside contracts for U.S. small and minority businesses. The agreement also does not give South Korean firms the right to bid on textile purchases by the Department of Defense.

  • The agreement clarifies that U.S. government agencies can include provisions in their contracts to promote environmental protection.

  • The agreement clarifies that requirements can be inserted into government contracts requiring suppliers to comply with generally applicable laws regarding labor principles and rights in the territory where the good is produced or the service is performed. These include freedom of association, collective bargaining, elimination of all forms of compulsory or forced labor, effective abolition of child labor and a prohibition on the worst forms of child labor, and elimination of employment and occupation discrimination based on gender, race, or other factors.