• ITVI.USA
    15,360.600
    75.400
    0.5%
  • OTLT.USA
    2.768
    -0.011
    -0.4%
  • OTRI.USA
    21.410
    -0.010
    0%
  • OTVI.USA
    15,331.810
    75.820
    0.5%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,360.600
    75.400
    0.5%
  • OTLT.USA
    2.768
    -0.011
    -0.4%
  • OTRI.USA
    21.410
    -0.010
    0%
  • OTVI.USA
    15,331.810
    75.820
    0.5%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American Shipper

USTR, Korea release KORUS amendments

An updated deal has remained pending since negotiations effectively concluded in the spring.

   The Office of the U.S. Trade Representative and government of South Korea on Monday released the text of agreed amendments to the Korea-U.S. Free Trade Agreement (KORUS), including new customs disciplines. The amendments were effectively concluded in March.
   Publication of the text of agreed outcomes follows the mid-August completion of U.S. domestic notification procedures, and South Korea will now initiate the next step in its domestic procedures, “which is to open for public comment the provisional Korean translations of the outcomes to amend the KORUS Agreement,” USTR said.
   Once complete and translations are certified by both governments, the documents may then be finalized for signature, to be followed by further procedures in both countries, as needed, to bring the outcomes into force, USTR said.
   Revamped customs procedures include clearly allowing for completion of certifications of origin by exporters or producers regardless of their location or address; and allowing importers, exporters or producers to correct minor errors or discrepancies in the certification, questionnaire, or other documents, with no penalty for making such corrections, which customs authorities must allow to be submitted in not less than five working days, according to the text of agreed outcomes.
   Under the agreement, the governments of the U.S. and South Korea can also ensure verifications of origin are conducted by the importing party through making information requests to the importer, exporter, or producer, but only if the customs authority has doubts about a good’s originating status, the amendment text states.
   The customs text also directs traders to “endeavor to conclude” verifications of origin “as expeditiously as possible and no later than 90 days” after receiving information necessary to make a determination, “and no later than twelve months after the initiation of the verification, allowing extensions of the period in exceptional cases.”
   Further, KORUS parties agreed to establish a bilateral customs working group to address origin verification matters, which will meet at the request of the representative of either party to the Committee on Trade in Goods to resolve concerns.
   The updated agreement in principle also contains measures to prevent South Korea from discriminating against U.S. pharmaceutical exports, and to loosen regulations for U.S. automobile exports to the country, among several other provisions pertaining to automobiles and other issues.
   Finalization of the agreement in principle has been on hold since talks effectively concluded in March.
   President Donald Trump on March 29 said he might delay finalization of a deal in principle to modify KORUS, citing the revamped KORUS as “a very strong card” to ensure solid alignment between Washington and Seoul in pushing for denuclearization concessions from North Korea.

We are glad you’re enjoying the content

Sign up for a free FreightWaves account today for unlimited access to all of our latest content

By signing in for the first time, I give consent for FreightWaves to send me event updates and news. I can unsubscribe from these emails at any time. For more information please see our Privacy Policy.