Korea FTA Effective March 15

P. Scott Shearer, Vice President

February 24, 2012

1 Min Read
Korea FTA Effective March 15

U.S. Trade Representative Ron Kirk has announced the effective date of the U.S.-Korea free trade agreement (FTA) will be March 15.  Approximately two-thirds of U.S. agricultural exports will become duty-free. 

Tariffs on pork exports currently at 22.5% to 25% will be phased out over two years beginning on Jan.1, 2014.  Tariffs on U.S. beef will go from 40% to zero over 15 years.  The American Farm Bureau Federation estimates that after full implementation of the agreement, U.S. agricultural exports will increase $1.8 billion per year. 

The trade agreement is becoming an issue in Korea parliamentary election (April) and presidential election (December) this year.  The opposing party, the Democratic United Party, is vowing to repeal or at a minimum revise various sections of the agreement.  This action will be difficult because the United States would have to agree.  

About the Author(s)

P. Scott Shearer

Vice President, Bockorny Group, Inc.

Scott Shearer is vice president of the Bockorny Group Inc., a leading bipartisan government affairs consulting firm in Washington, D.C. With more than 30 years experience in government and corporate relations in state and national arenas, he is recognized as a leader in agricultural trade issues, having served as co-chairman of the Agricultural Coalition for U.S.-China Trade and co-chairman of the Agricultural Coalition for Trade Promotion Authority. Scott was instrumental in the passage of China Permanent Normal Trade Relations and TPA. He is past chairman of the USDA-USTR Agricultural Technical Advisory Committee for Trade in Animals and Animal Products and was a member of the USAID Food Security Advisory Committee. Prior to joining the Bockorny Group, Scott served as director of national relations for Farmland Industries Inc., as well as USDA’s Deputy Assistant Secretary for Congressional Affairs (1993-96), serving as liaison for the Secretary of Agriculture and the USDA to Congress.

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