Client Advisories and Bulletins

President Signs Notice of Intention to Enter Into Free Trade Agreement with South Korea and U.S. Department of Commerce Imposes New Sanctions Against Imports of Chinese Products

April 3, 2007

The U.S. and South Korea, which is the world’s 10th largest economy, reached a free trade agreement that is stated to be the largest for the U.S. since NAFTA which was signed in 1993. The accord will be South Korea’s largest to date. In 2006, the total trade between the two nations was close to $77 billion. The agreement will eliminate and lower duties and other trade barriers in industrial goods and services, automobiles, agricultural products, apparel and financial services.