/Korus Free Trade Agreement Form

Korus Free Trade Agreement Form

6. the information that describes and shows how the product is produced; The U.S.-Korea Free Trade Agreement (KORUS) came into force on March 15, 2012. On the day of its implementation, nearly 80% of U.S. exports of industrial goods to Korea were exempt from tariffs, including aerospace equipment, agricultural equipment, auto parts, construction products, chemicals, consumer products, electrical equipment, travel goods, paper products, scientific equipment and transportation and transportation equipment. Other benefits of the free trade agreement include strengthening the protection and enforcement of intellectual property rights in Korea and increasing access to the $580 billion market for highly competitive U.S. companies. For products going to Korea, the Korean Customs Service has also set up a page that displays tariffs on U.S. merchandise exports to Korea. The Korean Customs Service website is fta.customs.go.kr/ (in Korean). The Korean Embassy website also provides www.USKoreaConnect.org information on exporting to Korea. USITC Publication 4308: This publication contains changes to the HTSUS, the duty phase-out Schedule and other important information.

This document contains the most important information in the notes HTSUS General Notes 33 and 19 CFR Subpart R. – For manufacturers who are new with product importation and classification, CBP has resources that can help them. In particular, the CBP website for the publication of compliance information contains guidelines for the classification of different products and other useful information. www.cbp.gov/xp/cgov/trade/legal/informed_compliance_pubs/ The U.S.-Korea Free Trade Agreement, also known as KORUS, came into force on May 15, 2012. Like most U.S. free trade agreements, with the exception of NAFTA, the onus is on the importer for the use of preferential treatment. However, for most years, the information needed to support the application must be provided by the manufacturer or exporter of the products. For more information on customs procedures for exporting to Korea, the Korean government has also created a website and email address, www.USKoreaConnect.org and info@USKoreaConnect.org. Another opportunity to examine tariffs under the free trade agreement is to examine the final text of the agreement.

On the USTR website, you will find under the heading “Final Text” two tariff plans, one for products going to Korea and the other for products arriving in the United States. www.ustr.gov/trade-agreements/free-trade-agreements/korus-fta/final-text The importing country or importer may need additional information beyond these specifics and the Korean Customs Service has established an optional form. Please note that the Korean Customs Service does not impose a specific certificate of origin in accordance with KORUS and does not impose a form or format required for the certificate of origin. U.S. exporters or producers should be informed that, as long as you provide the necessary elements to obtain certification, you do not need to use the korean Customs Certificate or a mandatory Korean government form, although you are free to do so. If the Korean Customs Service asks you to use a particular form, please contact the Office of Trade Agreements Negotiations and Compliance. Korea FTA Text: The full text of the agreement. Note: Depending on the terms of your trade agreement, your importer may require you to provide the certification information in a particular form or format. 1.

The name and contact information (or other identifying information) of the person giving the certification. The onus is on the Korean importer to apply for preferential duty negotiated by the ESTV for qualified products.

By |2020-12-11T14:37:33+00:00December 11th, 2020|Uncategorized|0 Comments

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