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Monday, April 02, 2007

US reaches free-trade accord with South Korea

The US has reached a free-trade deal with South Korea that could be the largest free-trade deal with United States sends NAFTA came into existence in 1994.

Both the United States and South Korea caved in on certain issues but ultimately the deal was struck.  The US hopes to gain access to South Korean markets in order to sell insurance, financial products, and possibly more importantly be even pork without having to pay the current 40% tariffs.  Those terrorists will expire right away but they will phase out over the next 10 to 15 years for pork and beef relatively speaking.

The agreement will eliminate duties on products such as South Korean autos and apparel, and cut investment barriers for American insurers and financial companies. South Korea will abolish its 40 percent tariff on U.S. beef over 15 years and the pork tariff over 10 years, Trade Minister Kim Hyun Chong said at the joint briefing. Rice wasn’t included in the accord.

Source: US reaches free-trade accord with South Korea