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 House Ways and Means Committee approved Oct. 5 three separate bills to implement the free trade agreements with Korea, Colombia and Panama. While only two Democrats voted for the Colombia FTA (which also includes an extension of the Andean Trade Preferences Act) due to ongoing concerns about labour rights protection in that country, most [...]
The House Ways and Means Committee approved Oct. 5 three separate bills to implement the free trade agreements with Korea, Colombia and Panama. While only two Democrats voted for the Colombia FTA (which also includes an extension of the Andean Trade Preferences Act) due to ongoing concerns about labour rights protection in that country, most voted in favor of the Korea and Panama agreements.
It is now anticipated that the full House will vote on the FTA bills the week of Oct. 10. House Speaker John Boehner has said the House will vote on an extension of the Trade Adjustment Assistance program and the Generalized System of Preferences “consecutively and in tandem with” the FTA bills, which could mean the same day. Senate leaders have indicated that once the House votes on Trade Adjustment Assistance (TAA) program, which the Senate approved in September, they will take up the three FTA bills. Supporters are hoping that the entire process will be completed by Oct. 13, when Korean President Lee Myung-bak makes a state visit to Washington, D.C.
Each FTA will not actually take effect, however, until the president certifies the foreign partner’s compliance with the terms of the agreement. In the past this process has typically taken several months, sometimes longer. In submitting the implementing legislation to Congress President Obama indicated that the FTAs will enter into force Jan. 1, 2012, at the earliest.
Source: World Trade Interactive
