Bilateral FTA
United States–Korea Free Trade Agreement (KORUS)
A comprehensive FTA in force since March 2012, amended in 2018.
- Abbreviation
- KORUS
- Status
- In force
- Type
- Bilateral FTA
- Scope
- Comprehensive (goods, services, investment and rules)
- Signed
- Jun 2007
- In force since
- Mar 2012
- Member countries
- 2
Key features
- Elimination or reduction of import duties on most goods, phased in according to each party’s tariff schedule.
- “Yarn-forward” rule of origin for most textiles and apparel.
- Origin can be declared by exporters or producers (self-certification or statements on origin), subject to conditions.
- Commitments on trade in services.
- Investment liberalisation and/or protection rules.