OAS

 
United States-Republic of Korea
Text of the agreement
  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. letterPDF
  Korea letter PDF
  Agreed Minutes on regulations pertaining to automotive fuel economy and greenhouse gas emissions PDF
  Agreed Minutes on intracompany transferee (L-1) visas PDF
03 December 2010 U.S. and Korea reached agreement on trade deal PDF
  Economic value of the U.S.-Korea Trade Agreement PDF
  Increasing U.S. auto exports and growing U.S. jobs through the U.S.-Korea trade agreement PDF
28 November 2010 U.S and Korea meet to discuss FTA PDF
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 PDF
11 March 2007 U.S. and Korea Conclude Customs Administration Negotiations PDF
10 March 2007 U.S. and Korea Conclude Government Procurement Negotiations PDF
15 February 2007 Washington, DC, U.S.: Outcomes of the seventh round of U.S.-Korea FTA negotiations PDF
19 January 2007 Seoul, Korea. Outcomes of the sixth round of U.S.-Korea negotiations PDF
08 December 2006 Montana, U.S.: Outcomes of the fifth round of U.S.-Korea negotiations PDF
27 October 2006 Jeju Island, Korea: Outcomes of the fourth round of U.S.-Korea negotiations PDF
09 September 2006 Seattle, U.S.: Outcomes of the third round of U.S.-Korea negotiationsPDF
01 September 2006 Launching of the third round of U.S.-Korea negotiations, Sept. 6-9PDF
14 July 2006 USTR Transcript at end of second round of negotiationsPDF
14 July 2006 Ministry of Foreign Affairs and Trade, Korea. Outcomes of the second round of negotiationsPDF
05 June 2006 USTR Conference call transcript at end of first round of negotiationsPDF
07 March 2006 Ministry of Foreign Affairs and Trade, Korea. Outcomes of the Korea-U.S. FTA informal preparatory talksPDF
02 February 2006 Letter to Senate notifying intent to initiate FTA negotiationsPDF
02 February 2006 Letter to House of Representatives notifying intent to initiate FTA negotiationsPDF
02 February 2006 President's statement on U.S.-Republic of Korea Free Trade AgreementPDF
02 February 2006 United States, South Korea announce intention to negotiate free trade agreementPDF
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.

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. On 15 March 2012 the U.S.-Korea Free Trade Agreement entered into force.

15 March 2012 U.S.-Korea FTA enters into force PDF  
February 2012 U.S.-Korea FTA will enter into force on 15 March 2012 PDF  
22 November 2011 Korean National Assembly approves the U.S.-Korea Free Trade Agreement PDF
21 October 2011 U.S. President signed implementing legislation for the South Korea, Colombia and Panama Agreements PDF
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
  Implementation of the Agreement
   

Article 22.1 of the United States-Korea Free Trade Agreement establishes a Joint Committee to supervise the implementation of the Agreement and to review the trade relationship between the Parties. The Committee is made up of governmental representatives, Co-Chaired by the United States Trade Representative and the Minister of Trade of Korea or their designees. The Joint Committee is to meet regularly on a yearly basis to review the general functioning of the Agreement, review and consider specific matters related to its operation, consider and adopt amendments, facilitate avoidance and settlements of disputes arising under the Agreement, issue interpretations of the Agreement; consider ways to enhance trade relations among the Parties; and take any other actions agreed by the Parties.

Documents relating the Joint Committee
15 December 2014 Washington, DC., United States. Third meeting of the Joint Committee PDF 
05 October 2013 Bali, Indonesia. Second meeting of the Joint Committee PDF 
May 2012 Washington, D.C., United States. First meeting of the Joint Committee PDF
Source: Office of the United States Trade Representative (USTR)

Article 20.6 PDF of the United States-Korea FTA establishes the Environmental Affairs Council. The Council shall comprise appropriate senior officials from each Party, including officials with environmental responsibilities.

Documents relating the Environmental Affairs Council
18 November 2013 Report of the Environmental Affairs Council Pursuant to Article 20.7.4 of the Free Trade Agreement Between the United States of America and the Republic of KoreaPDF
14 February 2013 Washington, D.C., United States. First Meeting of the Environmental Affairs Council under the U.S.-Korea Free Trade AgreementPDF
  bulletJoint Communique of the U.S.-Korea Environmental Affairs Council and Environmental Cooperation Commission PDF
Source: Office of the United States Trade Representative (USTR)

Article 19.5 PDF of the United States-Korea FTA establishes the Labor Affairs Council to monitor the implementation of Chapter 19, as well as the activities of the Labor Cooperation Mechanism established under Article 19.6. The Council is comprised of senior officials from the labor ministries of both countries and other relevant agencies or ministries.

The first meeting of the Council was held in Washington D.C., from 18 to 19 March 2013.

Documents relating to the Labor Affairs Council
18-19 March 2013 Washington, D.C., United States. First Meeting of the Labor Affairs Council under the U.S.-Korea Free Trade AgreementPDF
Source: Office of the United States Trade Representative (USTR)

 

  Related Articles and Studies
   
15 March 2015 USTR. Fact Sheet: Three Years of Enhanced Opportunities: The U.S.Korea Free Trade Agreement PDF new!
May 2006 CRS Report for Congress. The Proposed South Korea -US Free Trade Agreement (KORUSFTA)PDF
February 2006 USTR. Trade Facts: FTA: United States and Republic of Korea Economic and Strategic BenefitsPDF

  Sources
   
  • Ministry of Foreign Affairs and Trade (MOFAT), KoreaOffsite link
  • Official of the President of the United StatesOffsite link
  • Office of the United States Trade Representative (USTR)Offsite link
  • Official White House website Enlace a sitio fuera del SICE
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    Recent Developments
      15 March 2014. Fact Sheet: Three Years of Enhanced Opportunities: The U.S.Korea Free Trade Agreement New!

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