The Korea Free Trade Agreement (KORUS) was signed back in 2012, which led to a significant growth in trade between the United States and South Korea. The agreement has been helpful for both economies, as it has increased the ease of trade between the two countries, and has provided several opportunities for businesses in both nations to pursue.
For US companies that are interested in doing business with South Korea, one of the first things they need to consider is the KORUS agreement. This agreement outlines the specific forms that businesses need to fill out in order to take advantage of the many benefits of the pact.
One of the most important forms that businesses need to fill out is the certificate of origin. The certificate of origin is essential for proving that the goods being traded were produced in either the US or South Korea. This is necessary in order to take advantage of the reduced tariffs and other benefits under the KORUS agreement.
Another important form is the importer security filing, or ISF. This form must be filled out and submitted prior to shipment, and it provides US Customs and Border Protection with key information about the shipment, including the shipper, the consignee, and the contents of the shipment.
In addition to these specific forms, businesses should also be aware of the documentation requirements for individual products. Many types of goods require specialized documentation in order to be imported into South Korea, and failing to provide the correct documentation can result in costly delays or even the rejection of the shipment.
Overall, the KORUS agreement has been beneficial for both US and South Korean businesses, but it is important to understand the specific forms and documentation requirements in order to take full advantage of these benefits. By working with an experienced partner who understands the ins and outs of the agreement, businesses can ensure that they are meeting all necessary requirements and maximizing their opportunities for success.
