U.S.-Korea FTA Endorsed by South Korean Legislature
According to press reports, the South Korean legislature on Nov. 22 voted to approve the U.S.-Korea Free Trade Agreement. Legislation to implement that FTA as well as the trade deals with Colombia and Panama was enacted into law in the U.S. on Oct. 21. As a result, all three pending U.S. FTAs have now been approved in the respective partner countries. Each country must still be able to demonstrate that it is in compliance with the obligations in its FTA that will take effect on day one and the U.S. has indicated that it will hold discussions with each partner country as part of this process. The U.S. will need to issue a proclamation for each agreement containing specific tariff revisions and product-specific rules and will make additional administrative and regulatory changes covering issues such as customs and procurement. The FTAs will enter into force through the exchange of formal diplomatic notes at a time agreeable to each side.