Below is information on Korea, its economy and some trade topics of interest that will help you better understand the free trade agreement and its benefits.
Over the past several decades, Korea has achieved a remarkably high level of economic growth and global integration to become a high-tech industrialized economy. Today, Korea is the 12th-largest economy in the world and the United States' sixth-largest trading partner.
Recently the World Bank gave the Republic of Korea a number 8 ranking in its Ease of Doing Business category for 2012. This highlights Korea as a top trading partner and a world leader in doing business.
The alliance between the United States and Korea continues to be a beneficial one. This infographic from Korea's Ministry of Trade, Industry, and Energy (MOTIE) illustrates that trade between the two countries outpaces global trade of goods and services.
Korean companies are among the top foreign investors in the United States. Following the implementation of the KORUS FTA, investment in the United States totaled $22.9 billion.
If the preferential tariff treatment is not claimed at the time the goods are imported, the importer may make a revised claim and apply for a refund of any excess duties within one year, if he/she presents:
The U.S. Commercial Service is the trade promotion arm of the U.S. government. It connects U.S. companies looking to increase exports with foreign importers and supplies American businesses with international buyers, intelligence on foreign markets, trade counseling and business matchmaking.
The Korean International Trade Association (KITA) is a government body with 70,000 member companies that represents the Korean trade industry around the world. The Korea Trade-Investment Promotion Agency is Korea’s national trade promotion organization.
Since implementation of the KORUS FTA, the U.S. export and import growth rates with Korea, on products for which the FTA reduced tariffs, are greater, showing the benefits of the KORUS FTA.