US, South Korea Sign Landmark FTA (South Korea)
This article was originally published in PharmAsia News
Executive Summary
South Korea and the United States signed a free trade agreement (FTA) on June 30 that eliminates tariffs on all commodities, except rice. Negotiations were able to incorporate into the FTA environmental and labor concerns held by U.S. Democrats, which makes this FTA now more likely to be approved by the Democrat-controlled Congress. The FTA agreement will eliminate close to 90 percent of tariffs on industrial goods when it goes into effect. Remaining tariffs will be phased out during the next three to 15 years, except for rice, which remains untouched by this FTA. This FTA represents the largest U.S. trade deal since the 1993 NAFTA accord between the United States, Canada, and Mexico. (Click here for more