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,
http://export.gov/FTA/ftatarifftool/index.asp , 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
http://blog.trade.gov/2012/03/06/how-u-s-companies-can-start-taking-advantage-of-the-u-s-korea-trade-agreement/
Look forward to your comments
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