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What to expect in US-Korea Free Trade

Apr/13151 LIKES
US Korea

Tariff Elimination: Under the FTA, all qualifying U.S. footwear and non-textile travel goods entering into Korea will be duty-free immediately. Duties on the majority of qualifying U.S. textile and apparel products exported to Korea will be eliminated upon entry into force of the agreement. The remainder will be eliminated in three or five year stages.

The duty-free status and/or staged tariff rates are listed by HS number in the Tariff Elimination Schedule for Korea. Each line item of the FTA tariff schedules is assigned a letter code that indicates the staging by which the duty for each product is reduced and ultimately eliminated. The staging categories listed below generally apply to textile and apparel products in HS chapters 50-63.

Category A: duties on originating goods shall be eliminated entirely on the date the Agreement enters into force;
Category C: duties shall be removed in three equal annual stages beginning on the date this Agreement enters into force;
Category D: duties shall be removed in five equal annual stages beginning on the date this Agreement enters into force;
Category G: duties shall be removed in 10 equal annual stages beginning on the date this agreement enters into force; and
Category K: goods shall continue to receive duty-free treatment.

For importing goods from Korea to the United States, see the below Tariff Elimination Schedule of the United States. Qualifying footwear and non-textile travel goods from Korea will be duty-free into the United States under the Agreement, except for the following 17 rubber/fabric and plastic/protective footwear items: 6401.10.00, 6401.91.00, 6401.92.90, 6401.99.30, 6401.99.60, 6401.99.90, 6402.30.50, 6402.30.70, 6402.30.80, 6402.91.50, 6402.91.80, 6402.91.90, 6402.99.20, 6402.99.80, 6402.99.90, 6404.11.90, 6404.19.20. Duties on these 17 items fall into Category “J” which shall remain at base rates during years one through eight. Beginning on January 1 of year nine, duties shall be reduced in four equal annual stages, and such good shall be duty-free, effective January 1 of year 12. http://www.ustr.gov/sites/default/files/uploads/agreements/fta/korus/asset_upload_file199_12753.pdf