Taxonomy: Trade Compliance

South Korean legal steps implement amended KORUS

The South Korean ambassador confirmed his country’s parliamentary body has ratified provisions necessary to effectuate amendments to the agreement.

South Korean legal steps implement amended KORUS

The South Korean ambassador confirmed his country’s parliamentary body has ratified provisions necessary to effectuate amendments to the agreement.

South Korean legal steps implement amended KORUS

The South Korean ambassador confirmed his country’s parliamentary body has ratified provisions necessary to effectuate amendments to the agreement.

 
South Korea has completed the necessary domestic legal procedures to implement amendments to the Korea-U.S. Free Trade Agreement (KORUS), and those changes became effective on Jan. 1, South Korean Ambassador to the U.S. Cho Yoon-je confirmed on Wednesday.
    “We successfully amended the Korea-U.S. FTA last year, and our national assembly — our congress — ratified it,” Cho said during an event at the Hudson Institute in Washington. “So from this month, the amended, new KORUS FTA is effective.”
    After the countries effectively concluded talks to modify KORUS in March 2018, the Trump administration in September released a protocol setting forth necessary changes to U.S. law to implement the modifications agreed to.
    U.S. changes took effect Jan. 1, including changes announced in a Dec. 21 White House proclamation ordering the total phaseout of the United States’ 25 percent tariff on pickup trucks from South Korea be extended through 2040, after the tariffs had been previously set to expire in 2021.
    Cho noted that the key amendments to KORUS apply to trade in automobiles and mentioned that South Korea is now allowing 50,000 U.S. car exports per year to be exempt from South Korean safety regulations, up from 25,000 cars.
   In addition to new automotive provisions, amendments include modifications of customs processes and provisions promoting greater market access for U.S. pharmaceuticals in South Korea.
    Revamped customs procedures include clearly allowing for completion of certifications of origin by exporters or producers regardless of their location or address and allowing importers, exporters or producers to correct minor errors or discrepancies in the certification, questionnaire or other documents, with no penalty for making such corrections, which customs authorities must allow to be submitted in not less than five working days.

Despite the challenges, U.S. business engagement in China strengthens America economically and technologically and thereby contributes to its security and leadership.

Spot container rates from Shanghai to North Europe stood at $714 per TEU as of March 15, whiles rates from Shanghai to the Mediterranean totaled $748 per TEU, down 5.3 percent and 3.6 percent, respectively, from a week prior, according to the Shanghai Containerized Freight Index.

Most Popular
Latest News
Social Media

Loading...

Teamsters claiming win in driver classification battle

Teamsters claiming win in driver classification battle

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Copy & Paste the following code to embed this story on your website:

Preview

South Korean legal steps implement amended KORUS

The South Korean ambassador confirmed his country’s parliamentary body has ratified provisions necessary to effectuate amendments to the agreement.

Jan 10, 2019 on Dec 27, 2018AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Copy & Paste the following code to embed this story on your website:

Preview

South Korean legal steps implement amended KORUS

The South Korean ambassador confirmed his country’s parliamentary body has ratified provisions necessary to effectuate amendments to the agreement.

Jan 10, 2019 on Dec 27, 2018AmericanShipper.com