South Korea, US to ink final FTA text in mid-February
BERNAMA | Thursday Jan 27, 2011
South Korea, US to ink final FTA text in mid-February
SEOUL, Jan 27 (Bernama) — South Korea and the United States have finalised the text of their free trade agreement (FTA) and plan to officially sign the document in the middle of next month, Yonhap News Agency quoted Seoul’s trade ministry as saying Thursday.
In December, the two countries reached a final agreement on the KORUS FTA after revising terms on issues such as auto tariffs and pork, paving the way for the parliamentary ratification of a pact that was originally signed in June 2007 under the Bush administration.
Under the revised terms, South Korea and the US agreed to delay the elimination of tariffs on American pork for two years and scale back tariff cuts for automobiles.
The US will eliminate its 2.5 percent tariff on Korean cars within four years, instead of immediately or after three years as was previously agreed, after the deal takes effect.
South Korea will cut its 8 percent tariff on US car imports to 4 percent, instead of eliminating it immediately and soften regulations on automotive safety and environmental standards.
Both countries are expected to ink the agreement after all domestic procedures are completed. Seoul needs to receive the green light from the Ministry of Government Legislation and the Cabinet council ahead of the final signing.
The final text will be released immediately after the official signing.
