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Korea-U.S. Trade Partnership

On June 30, 2007, the Republic of Korea and the United States signed the Korea-U.S. Free Trade Agreement (KORUS FTA). This historic agreement was concluded on April 7, 2007, after eight rounds of negotiations over 10 months. The text of the KORUS FTA includes 24 chapters, which provide for significant reductions in tariffs on industrial and agricultural products, and includes state-of-the-art commitments in intellectual property rights (IPR), investment, transparency, competition policy, e-commerce, pharmaceuticals/medical devices and services. The agreement also includes the provisions specified in the Bipartisan Agreement on Trade reached between the U.S. Administration and Congress on May 10, 2007, which address internationally recognized standards and principles on labor and environmental protection.

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