U.S.-Republic of Korea FTA
- Entered into force: March 15, 2012
- Senate vote to implement agreement: 83-15 (Oct.12, 2011)
- House vote to implement agreement: 278-151 (Oct.12, 2011)
- Agreement signed by governments: June 30, 2007
- Negotiations ended: March 12, 2007
- Negotiations began: June 5, 2006
- Congressional notification of intent to negotiate: February 2, 2006
Korea Sugar Facts
- Production (Avg. 2005-2007): None
- Consumption (Avg. 2005-2007): 1,336,333 metric tons
- Imports (Avg. 2005-2007): 1,667,000 metric tons
- Exports: (Avg. 2005-2007): 330,667 metric tons
The KORUS FTA was concluded on April 1, 2007, after eight formal rounds of negotiations that took place over ten months. Korea is the world’s tenth largest economy, with a GDP of nearly $1 Trillion. Korea is the United States’ seventh largest goods trading partner, with two-way goods trade in 2006 valued at approximately $78 billion.
In Agriculture, the KORUS FTA will create highly valuable new export opportunities for American farmers and ranchers by eliminating and phasing out tariffs and quotas on a broad range of products. U.S. sugar producers are not affected. Under the agreement, roughly $1.91 billion, or 64 percent, Korea’s agriculture imports from the United States wil be immediately duty-free. Most remaining tariffs and quotas will be phased out over the first ten years the agreement is in force.
Korea produces no sugar. Its three cane refineries import about 1.7 million tons of raw sugar per year,
mostly from Australia and Guatemala. It re-exports about 350,000 tons per year of refined sugar
Additional Access Granted to U.S. Market
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