SICE: Trade Policy Developments: United States-Republic of Korea

Agreements

Disciplines

Trade Policy Developments

	United States-Republic of Korea

Background and Negotiations

On 02 February 2006 the United States and the Republic of Korea announced their intent to negotiate a free trade agreement. They concluded the agreement on 1 April 2007 after eight rounds of negotiation. The U.S. Administration notified Congress of the intent to sign the FTA on 1 April 2007. The United States-Republic of Korea Free Trade Agreement was signed on 30 June 2007. On 26 June 2010, the U.S. President announced that free trade talks with South Korea will resume. On 30 November and 1 December 2010, delegates from both countries met in Columbia, Maryland, U.S. to discuss the FTA. During these meetings, the U.S. and South Korea managed to reach a successful resolution regarding outstanding issues with the U.S.-Korea trade agreement. On 10 February 2011, both countries exchanged legal texts reflecting agreement concluded on 03 December 2010.

Documents relating to the negotiations
10 February 2011	U.S. and Korea exchange legal texts reflecting agreement concluded in December 2010
	Letters containing new commitments for the automotive sector
	U.S. letter
	Korea letter
	Agreed Minutes on regulations pertaining to automotive fuel economy and greenhouse gas emissions
	Agreed Minutes on intracompany transferee (L-1) visas
03 December 2010	U.S. and Korea reached agreement on trade deal
	Economic value of the U.S.-Korea Trade Agreement
	Increasing U.S. auto exports and growing U.S. jobs through the U.S.-Korea trade agreement
28 November 2010	U.S and Korea meet to discuss FTA
26 June 2010	U.S. will resume free trade talks with Korea
30 June 2007	U.S. and Korea Sign FTA
01 April 2007	Notification to Congress of Intent to Sign Free Trade Agreement
01 April 2007	U.S. and Korea conclude FTA
12 March 2007	Seoul, Korea. Outcomes of the eighth round of U.S.-Korea FTA negotiations
11 March 2007	U.S. and Korea Conclude Customs Administration Negotiations
10 March 2007	U.S. and Korea Conclude Government Procurement Negotiations
15 February 2007	Washington, DC, U.S.: Outcomes of the seventh round of U.S.-Korea FTA negotiations
19 January 2007	Seoul, Korea. Outcomes of the sixth round of U.S.-Korea negotiations
08 December 2006	Montana, U.S.: Outcomes of the fifth round of U.S.-Korea negotiations
27 October 2006	Jeju Island, Korea: Outcomes of the fourth round of U.S.-Korea negotiations
09 September 2006	Seattle, U.S.: Outcomes of the third round of U.S.-Korea negotiations
01 September 2006	Launching of the third round of U.S.-Korea negotiations, Sept. 6-9
14 July 2006	USTR Transcript at end of second round of negotiations
14 July 2006	Ministry of Foreign Affairs and Trade, Korea. Outcomes of the second round of negotiations
05 June 2006	USTR Conference call transcript at end of first round of negotiations
07 March 2006	Ministry of Foreign Affairs and Trade, Korea. Outcomes of the Korea-U.S. FTA informal preparatory talks
02 February 2006	Letter to Senate notifying intent to initiate FTA negotiations
02 February 2006	Letter to House of Representatives notifying intent to initiate FTA negotiations
02 February 2006	President's statement on U.S.-Republic of Korea Free Trade Agreement
02 February 2006	United States, South Korea announce intention to negotiate free trade agreement
Source: Ministry of Foreign Affairs and Trade, Korea (MOFAT); Office of the United States Trade Representative (USTR); Office of the President of the United States

Draft Texts

On 24 May 2007, the USTR released the draft text of the U.S.-Korea FTA.

June 2007	Final texts of U.S.-Korea Free Trade Agreement
24 May 2007	Draft Texts: U.S.-Korea free trade agreement
Source: Office of the United States Trade Representative (USTR)

Entry into Force

On 12 October 2011, The United States Congress approved the U.S.- Korea Free Trade Agreement. On 21 October 2011, the President of the United States signed legislation implementing the agreement. The Korean National Assembly approved the U.S.-Korea Free Trade Agreement on 22 November 2011.

22 November 2011	Korean National Assembly approves the U.S.-Korea Free Trade Agreement
21 October 2011	U.S. President signed implementing legislation for the South Korea, Colombia and Panama Agreements
05 October 2011	The United States House of Representatives Committee on Ways and Means approved the Colombia, South Korea and Panama Free Trade Agreements
03 October 2011	The President of the United States submitted implementing legislation for the South Korea, Colombia and Panama Agreements
Source: Office of the United States Trade Representative (USTR), Official White House website