Tuesday, February 21, 2012

Korea-US FTA to be Effective as Of March 15, 2012

The Korea-US FTA (KORUS FTA) will be effective as of March 15, 2012 according to a recent agreement by the two nations.

Bilateral trade between the United States and Korea reached, according to Korean government statistics, over USD 90billion in 2010.  Most mainstream commentators expect the deal to increase trade between the nations immediately.  Korea, in recent years, has had difficult in attracting foreign direct investment (FDI), because of the financial crisis and an impression among many investors that Korea is far from friendly to foreign capital (i.e. Lone Star).  Many expect, also, an increase in FDI into Korea.

Liberal parties, in Korea, have vowed to repeal the implementation law if they win in the April general elections.

What do you think?

Other posts that may be of interest:

Country of Origin under the KOR-US FTA
East Asia FTA:  Korea, China & Japan?

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SeanHayes@ipglegal.com