Mission statement: The mission of the Hawaii Pacific Export Council (HPEC) is to promote U.S. exports from Hawaii and the American Pacific Islands by supporting the activities of the US Commercial Service and Hawaii Export Assistance Center, counseling businesses on the exporting process, and conducting trade education programs.
|U.S.-Korea Free Trade Agreement Now Effective|
|Friday, March 16 2012 16:46|
The U.S.-Korea Free Trade Agreement came into full effect on March 15, 2012. On this day, almost 80 percent of U.S. exports to Korea of consumer and industrial products can be imported duty-free. About 95 percent of remaining tariffs will be eliminated within 5 years after that date, and most remaining tariffs will be eliminated within 10 years. This free trade agreement will reel in about $12 billion annually in new bilateral trade and create 240,000 new U.S. jobs.
The FTA Tariff Tool, a web-based resource created by the International Trade Administration, is the perfect way to find out if your product will benefit under this agreement. The database conveniently links to the most recent U.S. tariff schedule and relevant rules of origin, helping you figure out the exact tariff benefit for your product and the rate at which the tariff is eliminated.
In addition, nearly two-thirds of all U.S. agricultural exports to Korea will become duty-free on this day. Secondly, commitments to strengthen protections on intellectual property rights benefiting American creators and innovators will also come into force. Finally, commitments opening Korea's $580 billlion services market will also come into effect March 15 as well.
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