Invitation to KOREA DAY at ISC West 2012

Overview

• With support from the Ministry of Knowledge Economy, the Korea Day event will highlight key security companies from Korea who will showcase their latest security products and services. Additionally, we will survey the current landscape of security industry in Korea and discuss the viability and merit of global partnership with Korean security companies. Take part in this informative session and learn how Korean security companies can meet your security/surveillance needs.

About KOTRA

•  KOTRA (Korea Trade-Investment Promotion Agency) is a non-profit, government agency of Republic of Korea committed to promoting international trade and investment. KOTRA Los Angeles KBC (Korean Business Center), as part of KOTRA’s worldwide network of over 111 offices in 76 countries, offers a wide variety of initiatives to support U.S. clients.

The March start date follows months of technical-level talks between South Korean and US officials to review each side’s laws and regulations.

The long-awaited announcement of the pact’s entry into force was praised by officials on both sides.

“Entry into force of this agreement will open up Korea’s US$1 trillion economy for America’s workers, businesses, famers, and ranchers while also strengthening our economic partnership with a key Asia-Pacific ally,” US Trade Representative Ron Kirk said.

“Coming at a time such as this, the US free trade agreement is a positive opportunity for our exports to the United States, which is the world’s largest developed market, to grow significantly,” South Korean Minister for Trade Park Tae-ho stated.

The pact could also attract Chinese and Japanese investment to Korea, along with creating jobs, Korean President Lee Myung-Bak told reporters last week.

US business groups similarly praised the news. “We will now be able to play on a level playing field in South Korea’s dynamic market and start creating tens of thousands of new jobs here at home,” US Chamber of Commerce president and CEO Thomas Donohue said in a statement.

Last week’s announcement of the FTA’s 15 March start date was not welcomed in all quarters, however, provoking a rally in Seoul on Saturday. The event was one of several that have already been held in South Korea to protest the pact, with critics citing concerns that cheaper agricultural imports from the US could hurt the Korean agriculture and livestock industries.

In response to these concerns, Lee told reporters that “our government can take this chance to support those fragile industries and make them more competitive.”

Estimates from the US International Trade Commission suggest that US agricultural exports would increase by anywhere between US$1.9 billion to $US3.8 billion as a result of the trade agreement. The deal is set to slash tariffs on nearly two-thirds of US farm exports, and increase US goods exports by approximately US$12 billion.

Under the pact, South Korea will also open up its US$580 billion services market. Seoul will eliminate its duties on almost 80 percent of US industrial products.

A turbulent five years

The original accord was negotiated and signed under former Korean President Roh Moo-hyun and his counterpart, then-US President George W. Bush, in 2007. In response to the concerns of US automakers, 2010 renegotiations included a safeguard allowing increased duties for a decade after the US’s elimination of tariffs on Korean auto products, in order to respond to surges in auto trade (See Bridges Weekly, 9 December 2010).

“Obama’s insistence on renegotiating the agreement to get more favorable auto provisions… was the reason it was approved with ‘strong bipartisan support’ in the US,” USTR Kirk commented to Reuters.

The deal in its current form, championed by Korea’s ruling Grand National Party, contains amendments that the opposition claims awards US carmakers an unfair inroad into the market. Fears that Korea would be defenseless to protect its interests were further intensified by an ‘investor-state dispute clause’, which lets parties bypass domestic courts in favour of an international arbitration panel (see Bridges Weekly, 15 February 2012).

The deal was ratified by the US Congress in October 2011, receiving presidential approval soon after. It was ratified in Seoul by the South Korean parliament a month later.

South Korea’s opposition Democratic United Party – which is widely expected to win April’s parliamentary elections – has promised to repeal the pact unless several provisions are renegotiated with Washington, including the investor-state dispute clause. (See Bridges Weekly, 15 February 2012).

ICTSD reporting; “Korea, China, Japan to conclude investment pact after 5 years,” DONG-A ILBO, 28 February 2012; “S. Korea President says US FTA to draw China, Japan,” 22 February 2012; “South Koreans still angry over U.S. free-trade pact,” LA TIMES, 25 February 2012; “S.Korea, U.S. free trade deal to take effect March 15,” REUTERS, 21 February 2012.

Source:  ICTSD.org 

Two-thirds of U.S. agricultural exports to Korea will become duty-free, including cherries, pistachios, almonds, celery and spinach, according to the Office of the U.S. Trade Representative.

“I think we will start seeing impacts this season with the March 15 entering force date,” said Ken Barbic, senior director for federal government affairs for the Washington, D.C., office for Irvine, Calif.-based Western Growers.

Barbic said there have been no starting dates yet set for trade agreements with Colombia and Panama, which were also passed by Congress last year.

South Korea’s imports of U.S. fruits and vegetables — $254 million and $9 million in 2011, respectively — is just a fraction of the nearly $7 billion in U.S. agricultural goods the country bought that year. U,S. nut exports were $189 million in 2011.

But the trade agreement will create immediate opportunities to build on those numbers.

“The U.S.-Korea Free Trade Agreement represents a welcome opportunity for members of the specialty crop industry in California and Arizona,” Tom Nassif, Western Growers president, said in a news release.

A 24% tariff on U.S. cherries will disappear immediately.

South Korea also buys oranges, grapes, grapefruit and pomegranates from the U.S. Apples and pears are denied entry for phytosanitary reasons.

The trade agreement reduces the off-season duty on U.S. grapes from 45% to 24%, and in four years it will be zero, according to the U.S. Trade Representative’s office.

U.S. oranges exported to South Korea from March 1 to August 31 will see a decline in duties from 50% to 30%, and it will be reduced 5% a year for the next six years. U.S. oranges entering South Korea from Sept. 1 to the end of February are subject to a 50% duty after a small tariff-free quota is met.

The tariff on U.S. lemons drops from 30% to 15%, and then to zero in the second year. The 30% tariff on grapefruit will be gradually phased out over six years.

The stiff 144% duty on mandarins will be phased out over 15 years.

Meanwhile, the agreement provides a duty-free quota of 3,000 metric tons for table stock potatoes. The agreement also eliminates tariffs on eggplant, celery, cucumbers, spinach and processed tomatoes, among other commodities.

Source:  The Packer

Meet them and discover new resources to help fulfill your business goals creatively, efficiently and profitably!

2012 VERDEXCHANGE
January 22-24 2012
333 South Figueroa Street · Los Angeles, California 90071 USA

IMMEDIATE RELEASE

“New Horizon for Business Partnership through Korea-US FTA”

KOTRA today announced that Won Sok Yun, Director General & Chief Trade Commissioner of KOTRA Los Angeles, will lead a press conference on Wednesday, Jan. 11, at 4:30pm PT to provide information regarding the new business partnerships to come in the Consumer Electronics Industry.

The press conference, to be held at the Las Vegas Convention Center (LVCC) at the 2012 International CES in the South Hall Connector Room S228, will discuss the recently ratified US-KOREA Free Trade Agreement, announce the leading innovative products and technology from Korea, and recognize the Memorandum of Understanding (MOU) signing between the Consumers Electronics Association (CEA)® and Korea Trade and Investment Promotion Agency (KOTRA).

The MOU will provide a framework to promote two-way trade and investment promotion activities through KOTRA & CEA. The agreement will allow both parties to promote each other’s industry trade events to expand business opportunities. The Korea-US FTA brings the opportunity to build a strong partnership with Korean IT/CE companies with a balance of quality and advanced technology products.

In addition to creating 70,000 additional jobs, the U.S. annual GDP is expected to increase by $10-12 Billion while U.S. Exports by $11 Billion.

KOTRA (Korea Trade-Investment Promotion Agency) (www.kotra.or.kr) is a government-funded organization headquartered in Seoul, Korea established to promote trade and investment between Korea and the World. In order to accomplish this mission, KOTRA utilizes its network of over 111 Korea Business Centers around the globe.

CEA (www.ce.org) is the most prominent trade organization for the consumer electronics industry in the United States, promoting growth to nearly $190 Billion. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion and the fostering of business and strategic relationships.

Attendance is Open. Pre-registration is available on our website.(kotrala.com/ces) Refreshments will be provided. For additional information, visit www.kotrala.com

We would like to invite you to Korea Pavilion @ International Consumer Electronics Show 2012!

There will be a delegation of 65 South Korean companies from Audio, Video, Entertainment, Wireless, Security and a number of other consumer electronics segments exhibiting at the CES 2012.

With the FTA soon to become ratified, this will be a fantastic chance to connect with both consumer electronic developers and manufacturers from South Korea.  Don’t miss out on one of the greatest opportunities for your business while seeing a taste of the brand new products to be unveiled!

Contact Information