U.S. and Korea Sign MOU to Enhance Commercial Cooperation, Discuss Pending FTA, Etc.
The U.S. and Korea have signed a Memorandum of Understanding to enhance commercial cooperation between the two countries.
Countries Expressed Support for KORUS FTA
The two countries have also expressed support for finding a way forward on the U.S.-Korea Free Trade Agreement (KORUS FTA), which they agree has the potential to provide significant benefits to manufacturers, service providers, farmers, ranchers and workers in both countries.
MOU Focuses on Enhanced Cooperation
The MOU, signed June 15, 2009 by the Secretary of Commerce and the Korean Minister of Knowledge Economy outlines three areas for enhanced bilateral cooperation including:
Information exchange. The U.S. and Korea intend to exchange information that could positively influence their bilateral trade and investment environment. They also plan to discuss ways to cooperate with their respective investment promotion agencies to facilitate the economic success of their companies.
High tech trade. The U.S. and Korea intend to establish a dialogue to promote the development of secure bilateral high technology trade and investment and to share information and best practices on export control laws, regulations, and policies related to high technology trade. They also intend to review their respective systems, including, but not limited to: the content and scope of control lists, classification of products, implementation of multilateral export control regime decision, processing of license applications and other authorizations, preventive enforcement techniques, etc.
Standards. The U.S. and Korea intend to discuss and encourage adoption of best practices in the area of standards policies in order to enhance bilateral trade and lead global standardization efforts. They plan to discuss ways to share information on government and private sector research and development.
Private Sector to Participate, MOU to Last Two Years
The U.S. and Korea state that they intend to accomplish the MOU's objectives through the establishment of a consultative committee and plan to invite members of the private sector to participate in the MOU's activities as appropriate.
The activities of the MOU are meant to begin on the date of signature (June 15, 2009) and last for two years, after which the agreement's effectiveness will be evaluated.
Commerce Dept. press release (dated 06/15/09) available at http://www.commerce.gov/NewsRoom/PressReleases_FactSheets/PROD01_008092
MOU between U.S. and Korea (signed 06/15/09) available at http://trade.gov/press/press_releases/2009/korea_mou_061509.pdf
BP Note
The U.S. Association of Importers of Textiles and Apparel (USA-ITA) and the Korea Federation of Textile Industries (KOFOTI) also signed their own memorandum of understanding on June 15, 2009. The two associations agreed on joint efforts to:
eliminate trade barriers to facilitate exports and imports of textiles and apparel products;
exchange information and assistance;
facilitate and promote bilateral investment in textiles and apparel;
work closely on international trade affairs;
strive to prevent infringement of intellectual property rights infringements in domestic and international trade practices.
MOU available via email by sending a request to documents@brokerpower.com