Free Trade Agreements With South Korea

21 septembre 2021 - 2 minutes read

The customs authorities of the exporting country may encourage any exporter who exports products under the trade agreement to file origin declarations for products regardless of their value. The exporter must provide the customs authorities with sufficient guarantees to ensure that the originating status of the products and compliance with all other requirements of the Agreement (Protocol) can be verified. The customs authorities may withdraw the status of the approved exporter in the event of abuse. Trade in processed agricultural products is listed in Annex IV to the Main Agreement. In addition, trade in agricultural commodities is covered by three bilateral agreements on agricultural commodities negotiated between the EFTA State and Korea. These agreements are part of the instruments for the creation of the free trade area. They provide for concessions on both sides. Shortly thereafter, Korea completed its domestic procedure for implementing the amended KORUS, and on December 7, 2018, the National Assembly ratified the agreement by 180 votes to 5 to support the agreement with 19 abstentions.17 Legislation was finalized without addressing this issue18 In the meantime, no vote in Congress was required in the United States due to the limited scope of revisions and the absence of amendments to the U.S. statutes.

The EU-South Korea trade agreement reduces the differences between the requirements for European and South Korean products by adopting the same international standards. President Trump and his Korean counterpart Moon Jae-in are among the international standards bodies involved in this sector, which first spoke of a renegotiation of korus at the US-Korea summit in June 2017. Soon after, Robert Lighthizer, the U.S. Trade Representative, requested a special meeting of the KORUS Joint Committee.8 The special session took place in August, but could not find a solution. At the time, press reports indicated that Mr. Trump was suggesting a possible U.S. withdrawal from the agreement.9 However, following a new meeting in October, the two sides agreed to begin the process of amending the agreement.10 The EU-South Korea trade agreement contains four sectoral rules for the 31st office of the U.S. Trade Representative.

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