Wednesday, March 7, 2012

U.S-Korea Trade Agreement. Whats in it for you?

Last fall news of Free Trade Agreements appeared in the media for a brief period. The U.S. had finally signed three different FTAs; one being with South Korea. The news quickly faded more "pressing" matters like politics or the newest movie in Hollywood. But if you are a business owner, what does these news mean for you?

This morning I was reading my daily newsletters when I came across a brief article from the International trade Administration on the U.S. - Korea Free Trade Agreement. If you are a business planning on dealing these following points might be of interest to you:

1. The agreement comes into effect on March 15, 2012 (yes, in about a week!)
2.Almost 80% of exports from the U.S to Korea can be imported duty free, this is good news for both companies doing business there and those planning to do business there. You can use the FTA tariff tool, , to see if your product qualifies.
3. Nearly 2/3 of all U.S. Agricultural exports to South Korea become duty free starting on March 15.
4. Commitments concerning intellectual property rights and the opening of Korea's enormous service market will also come into effect on March 15, 2012.

As most government regulations, if you do not claim the benefits of this agreement on your import/export activities you will simply not get them, you must explicitly claim them in order to take advantage.

FTAs are a great incentive for exporting, knowing the details and how they can benefit your operations is key. If you want to read more about this particular FTA go to

Look forward to your comments