Common Contracts
1 similar null contracts
United States-Korea Free Trade Agreement and Effects on the U.S. and Korean Textile and Apparel IndustriesNovember 1st, 2012
The Korea-U.S. Free Trade Agreement (KORUS) between the United States and South Korea became effective on March 15, 2012.The agreement has a broad range of coverage. It is expected tosubstantially influence the trade and investment relationship between thesignatory countries, including not only their bilateral trade, but also the policies and procedures governing trade, investment, and the regulatory environment in this relationship (U.S. International Trade Commission, 2007).Under the KORUS, nearly80% of South Korean imports of consumer and industrial products from the United Statesbecame dutyfree on March 15, 2012; nearly 95% of these countries’ bilateral trade in such products will become duty free within five years after that date, and virtually all remaining tariffs on these products will be lifted within 10 years (Fashion Industry Network, 2012). The two countries also agreed to liberalize trade in services by opening their markets in services beyond their commitments in the Worl
