KOREA, REPUBLIC OF

South Korea Vows to Renounce WTO Developing Country Status at Behest of United States

16 September 2019

South Korea’s Ministry of Trade, Industry and Energy announced on 4 September that South Korea is “poised to abandon” its World Trade Organisation status as a developing country. According to an informal translation, the ministry indicated that “the status is no longer beneficial and will result in some confrontation with the United States, which is undesirable, and inter-ministerial talks are currently underway regarding the waiver.” More

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U.S., South Korea Sign Updated Free Trade Agreement

27 September 2018

The United States and South Korea signed on 24 September an updated bi-lateral FTA that includes amendments and modifications to the existing deal as well as additional agreements and understandings to improve its implementation. Each side will now take steps to bring the revised provisions into effect as soon as practicable. More

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Outcomes of U.S.-South Korea FTA Renegotiation Published; Further Steps Needed to Implement

06 September 2018

The United States and South Korea have published the agreed outcomes of their negotiations earlier this year to amend and modify the U.S.-Korea Free Trade Agreement. More

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DHS Offers Guidance on Examining Supply Chains for Prohibited North Korean Labour

27 April 2018

The U.S. Department of Homeland Security has published a list of frequently-asked questions that provide further guidance on complying with an August 2017 law that generally prohibits imports of goods made by North Korean workers. More

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U.S. and South Korea Reach Agreement on FTA Changes

13 April 2018

The United States and South Korea have reached an agreement in principle on modifications to be made to their bi-lateral free trade agreement. More

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China and South Korea Set to Launch Three Joint Venture Industrial Parks

31 January 2018

Following formal assent from the State Council, three new industrial parks are to be jointly-established with the Republic of Korea (ROK) – the China-ROK (Yancheng) Industrial Park in Jiangsu, the China-ROK (Yantai) Industrial Park in Shandong, and the China-ROK (Huizhou) Industrial Park in Guangdong. More

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U.S. and South Korea Explore Ways to Improve Bi-lateral FTA

19 January 2018

The United States and South Korea held their first talks on updating their bi-lateral free trade agreement (KORUS) on 5 January in Washington, D.C., and could hold subsequent rounds every three to four weeks, according to press reports. More

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U.S. Considering Potential Termination of FTA with South Korea as NAFTA Renegotiation Advances

15 September 2017

President Trump recently suggested that the United States may withdraw from its free trade agreement with South Korea but that threat appears to be on hold after administration officials, business groups and others raised concerns. More

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USTR to Analyse Performance of U.S. FTAs, Will Seek Revisions to Deal with South Korea

21 July 2017

USTR and the U.S. Department of Commerce are seeking input by 31 July that will be considered as part of the comprehensive performance reviews they are conducting of U.S. trade agreements. More

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Hanjin Shipping Bankruptcy Case: The Lessons to be Learnt by Traders

12 October 2016

The Hanjin Shipping bankruptcy case has caused billions of dollars’ worth of goods stranded at sea or at port terminals. The chaos to date will possibly be resolved in due course, but the case has exposed the repercussions of ignorance or overlooking the impact of international commercial terms on sales, shipping, insurance and L/C contracts. More

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