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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

The Services Sector in the U.S.-South Korea Trade Agreement

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

Satelite Dish

The United States is highly competitive in services trade – providing information and communications technology services, wholesale and retail distribution, express delivery services, energy and environmental services, professional services (such as legal, accounting, architecture, and engineering services), and financial services to customers all over the world. America is consistently able to export more services than we import every year – despite sometimes-significant trade barriers abroad. The United States already has very few barriers to the import of services – so when we strike trade agreements, a huge benefit comes from requiring our trading partners to provide Americans with equivalent access to their services markets.

South Korea is a major market in this area – the world’s 8th largest importer of services – and South Korean imports of services have grown 40 percent faster than the world over the past decade. Total U.S. sales of private commercial services to South Korea through cross-border and affiliate channels is estimated to have exceeded $24 billion in 2009 – new opportunities in South Korea’s expanding market have great potential to translate into additional export supported jobs here at home. With an estimated services market of $580 billion in 2010, every 1 percent increase in U.S. market share results in approximately $5.8 billion in revenue for U.S. companies.

KEY ELEMENTS:

  • The agreement requires South Korea to match the level of openness provided by the United States in a host of sectors, ranging from energy and environmental services to financial services and distribution. The agreement provides greater access for international delivery services and charts a course for future reform of South Korea’s postal system with respect to delivery services. The agreement’s provisions on cross-border services, telecommunications, and electronic commerce offer particular benefits to the information and communications technology service sector – an area where the United States excels – by working together to ease the flow of trade in services and products delivered over telecommunications networks. These provisions benefit the many U.S. small and medium-sized enterprises that are on the forefront of innovation, but do not have the resources to establish an office in every market they serve. Similarly, the agreement discourages South Korea from setting technology standards or other requirements that would give South Korean producers unfair advantages over American exporters, preserving the ability of American suppliers to get innovative products and services into the market.

  • South Korea will also open its legal services market to foreign legal consultants, permit free association with South Korean lawyers, and allow U.S. law firms to offer a broader range of services over time. Similar steps will be taken for accounting services. These and many other steps will create new opportunities for U.S. firms to supply services in South Korea and support additional jobs at home.

  • The agreement guarantees U.S. service suppliers the right to compete with South Korean services providers on a level playing field, by prohibiting discriminatory treatment of U.S. suppliers in the legal or regulatory arenas. As with all U.S. trade agreements, the agreement also respects the right of both the American and South Korean governments to regulate and introduce new regulations, with protections for situations where regulators may need to take actions to protect key domestic interests such as financial stability or the environment, or to comply with other key domestic laws.

  • The agreement provides comprehensive coverage of the South Korean services market, addresses all modes of supply – whether services are delivered cross-border or through a direct commercial presence in South Korea – and will apply to new and innovative services that may develop as markets evolve. Any limitations on market access in services are clearly defined, which provides legal certainty for U.S. firms seeking to supply services to the South Korean market.