On March 6, President Obama signed a proclamation to implement the U.S.-Korea Free Trade Agreement, paving the way for increased trade between the United States and South Korea. The proclamation follows congressional approval of the free-trade accord on October 13, 2011. The two nations have agreed to put the FTA into effect as of next [...]
On March 6, President Obama signed a proclamation to implement the U.S.-Korea Free Trade Agreement, paving the way for increased trade between the United States and South Korea. The proclamation follows congressional approval of the free-trade accord on October 13, 2011. The two nations have agreed to put the FTA into effect as of next Thursday.
This proclamation amends the Harmonized Tariff Schedule of the U.S. to implement the preferential tariff treatment of goods imported from Korea under the terms of the FTA and specify rules of origin under which such treatment may be granted. It also authorizes the Committee for the Implementation of Textile Agreements to determine when fabrics, yarns or fibers are short supply (thus permitting preferential tariff treatment for imports of textile and apparel goods made with such inputs sourced other than in the U.S. or Korea) and to implement safeguards and enforcement actions on textile and apparel imports from Korea.
South Korean President Lee Myung-bak, addressing Korean news agencies in December 2011, said: “The accord is significant because it lays the groundwork for a ‘win-win’ relationship by reflecting the national interests of Korea and the United States in a balanced manner.”
The international trade specialists at Sandler, Travis & Rosenberg, P.A. have posted a highly relevant article on their Customs Classification Blog concerning how tariff classification affects duty-free treatment under free trade agreements. With the entry into force of new free trade agreements (FTA) with South Korea, Colombia and Panama just around the corner — well, [...]
The international trade specialists at Sandler, Travis & Rosenberg, P.A. have posted a highly relevant article on their Customs Classification Blog concerning how tariff classification affects duty-free treatment under free trade agreements.
With the entry into force of new free trade agreements (FTA) with South Korea, Colombia and Panama just around the corner — well, there are some long corridors before we get to the corner, but they are coming — it’s a good time consider the important role tariff classification plays in benefiting from an FTA.
ST&R’a Deborah B. Stern, Esq. points out that classification dictates whether a product is eligible for such treatment under the terms of the FTA and may also determine whether that product qualifies for that treatment if it is made with foreign inputs.
Tariff classification dictates both whether a product is eligible for preferential treatment under the agreement and may determine whether that product qualifies for preferential treatment if it’s made with foreign inputs. So even if it is manufactured in an FTA party country, it may not be entitled to preferential duty treatment.
Click here to read the complete article.
free tariff tool provided by export.gov
Courtesy of Export.GOV
Thanks to export.gov who have provided a free tool to provide proactive trade information which can be part of a product development planning cycle or costing model effort, which is inline with the concept of an Integrated Trade Compliance Strategy and ensuring that you create visibility for information to flow from sourcing to selling. In their own words export.gov describes this tool as:
ITA’s FTA Tariff Tool combines tariff and trade data into a simple and easy-to-search public interface. Using the Tool, users can see how U.S. and FTA partner tariffs on individual products—searchable by keyword or tariff code—are treated under an agreement. Additionally, U.S. importers and exporters can see the current tariff and future tariffs applied to their products, as well as the date on which those products become duty-free. Finally, by combining sector and product groups, trade data, and the tariff elimination schedules, users can also analyze how various key sectors are treated under recently concluded FTAs.
Here is a video on the service:
The Colombian Constitutional Court late last week completed its review of the Colombia-Canada FTA and affirmed its constitutionality
(American Shipper)
The Colombian Constitutional Court late last week completed its review of the Colombia-Canada Free Trade Agreement (FTA) and affirmed its constitutionality. This ruling marked the last procedural step the country needed to take to clear the way for implementation of the FTA. The agreement should enter into force by July 1, the Colombian government said.
The Colombian Ministry of Foreign Affairs and the Canadian Department of Foreign Affairs and International Trade will now engage in the “exchange of notes,” where each government will indicate its readiness to move forward with implementation of the agreement. This process is expected to take place by late June. Read more here.
