Korea, Republic of - United States FTA (2007)
Next page

Title

Free Trade Agreement between the Republic of Korea and the United States of America

Preamble

The Government of the Republic of Korea (Korea) and the Government of the United States of America (United States) (the Parties):

Recognizing their longstanding and strong partnership, and desiring to strengthen their close economic relations;

Convinced that a free trade area will create an expanded and secure market for goods and services in their territories and a stable and predictable environment for investment, thus enhancing the competitiveness of their firms in global markets;

Desiring to raise living standards, promote economic growth and stability, create new employment opportunities, and improve the general welfare in their territories by liberalizing and expanding trade and investment between their territories;

Seeking to establish clear and mutually advantageous rules governing their trade and investment and to reduce or eliminate the barriers to trade and investment between their territories;

Agreeing that foreign investors are not hereby accorded greater substantive rights with respect to investment protections than domestic investors under domestic law where, as in the United States, protections of investor rights under domestic law equal or exceed those set forth in this Agreement;

Resolved to contribute to the harmonious development and expansion of world trade by removing obstacles to trade through the creation of a free trade area and to avoid creating new barriers to trade or investment between their territories that could reduce the benefits of this Agreement;

Desiring to strengthen the development and enforcement of labor and environmental laws and policies, promote basic workers' rights and sustainable development, and implement this Agreement in a manner consistent with environmental protection and conservation;

Building on their respective rights and obligations under the Marrakesh Agreement Establishing the World Trade Organization and other multilateral, regional, and bilateral agreements and arrangements to which they are both parties; and

Committed to furthering their economic leadership in the Asia Pacific region, in particular by seeking to reduce barriers to trade and investment in the region;

HAVE AGREED as follows:

Body

Chapter One. INITIAL PROVISIONS AND DEFINITIONS

Section A. Initial Provisions

Article 1.1. ESTABLISHMENT OF A FREE TRADE AREA

Consistent with Article XXIV of GATT 1994 and Article V of GATS, the Parties hereby establish a free trade area in accordance with the provisions of this Agreement.

Article 1.2. RELATION TO OTHER AGREEMENTS

1. The Parties affirm their existing rights and obligations with respect to each other under existing bilateral and multilateral agreements to which both Parties are party, including the WTO Agreement.

2. For greater certainty, this Agreement shall not be construed to derogate from any international legal obligation between the Parties that provides for more favorable treatment of goods, services, investments, or persons than that provided for under this Agreement.

Article 1.3. EXTENT OF OBLIGATIONS

The Parties shall ensure that all necessary measures are taken in order to give effect to the provisions of this Agreement, including their observance, except as otherwise provided in this Agreement, by regional levels of government.

Section B. General Definitions

Article 1.4. DEFINITIONS

For purposes of this Agreement, unless otherwise specified:

central level of government means:

(a) for Korea, the central level of government; and

(b) for the United States, the federal level of government; covered investment means, with respect to a Party, an investment, as defined in Article 11.28 (Definitions), in its territory of an investor of the other Party that is in existence as of the date of entry into force of this Agreement or established, acquired, or expanded thereafter;

customs duties includes any customs or import duty and a charge of any kind imposed in connection with the importation of a good, including any form of surtax or surcharge in connection with such importation, (1) but does not include any:

(a) charge equivalent to an internal tax imposed consistently with Article 11:2 of GATT 1994, in respect of like, directly competitive, or substitutable goods of the Party, or in respect of goods from which the imported good has been manufactured or produced in whole or in part;

(b) antidumping or countervailing duty that is applied pursuant to a Party's law; or

(c) fee or other charge in connection with importation commensurate with the cost of services rendered;

Customs Valuation Agreement means the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994, contained in Annex 1A to the WTO Agreement;

days means calendar days;

enterprise means any entity constituted or organized under applicable law, whether or not for profit, and whether privately or governmentally owned or controlled, including any corporation, trust, partnership, sole proprietorship, joint venture, association, or similar organization;

enterprise of a Party means an enterprise constituted or organized under a Party's law;

existing means in effect on the date this Agreement enters into force;

freely usable currency means "freely usable currency" as determined by the International Monetary Fund under its Articles of Agreement;

GATS means the General Agreement on Trade in Services, contained in Annex 1B to the WTO Agreement;

GATT 1994 means the General Agreement on Tariffs and Trade 1994, contained in Annex 1A to the WTO Agreement;

goods of a Party means domestic products as these are understood in GATT 1994 or such goods as the Parties may agree, and includes originating goods of that Party;

government procurement means the process by which a government obtains the use of or acquires goods or services, or any combination thereof, for governmental purposes and not with a view to commercial sale or resale or use in the production or supply of goods or services for commercial sale or resale;

Harmonized System (HS) means the Harmonized Commodity Description and Coding System, including its General Rules of Interpretation, Section Notes, and Chapter Notes, as adopted and implemented by the Parties in their respective tariff laws;

Import Licensing Agreement means the Agreement on Import Licensing Procedures, contained in Annex 1A to the WTO Agreement;

Joint Committee means the Joint Committee established under Article 22.2 (Joint Committee);

measure includes any law, regulation, procedure, requirement, or practice; national means:

(a) with respect to Korea, a Korean national within the meaning of the Nationality Act (2) and

(b) with respect to the United States, "national of the United States" as defined in the Immigration and Nationality Act;

originating means qualifying under the rules of origin set out in Chapter Four (Textiles and Apparel) or Six (Rules of Origin and Origin Procedures);

person means a natural person or an enterprise; person of a Party means a national or an enterprise of a Party;

preferential tariff treatment means the duty rate applicable under this Agreement to an originating good;

regional level of government means, for the United States, a state of the United States, the District of Columbia, or Puerto Rico; for Korea, "regional level of government" is not applicable;

remanufactured goods means goods classified in HS Chapter 84, 85, 87, or 90, or under heading 94.02 that:

(a) are entirely or partially comprised of recovered goods as defined in Article 6.22 (Definitions); and

(b) have a similar life expectancy and enjoy a factory warranty similar to such new goods;

Safeguards Agreement means the Agreement on Safeguards, contained in Annex 1A to the WTO Agreement;

sanitary or phytosanitary measure means any measure referred to in paragraph 1 of Annex A of the SPS Agreement;

SPS Agreement means the Agreement on the Application of Sanitary and Phytosanitary Measures, contained in Annex 1A to the WTO Agreement;

state enterprise means an enterprise that is owned, or controlled through ownership interests, by a Party; (3)

TBT Agreement means the Agreement on Technical Barriers to Trade, contained in Annex 1A to the WTO Agreement;

territory means:

(a) with respect to Korea, the land, maritime, and air space over which Korea exercises sovereignty, and those maritime areas, including the seabed and subsoil adjacent to and beyond the outer limit of the territorial seas over which it may exercise sovereign rights or jurisdiction in accordance with international law and its domestic law; and

(b) with respect to the United States,

(i) the customs territory of the United States, which includes the 50 states, the District of Columbia, and Puerto Rico;

(ii) the foreign trade zones located in the United States and Puerto Rico; and

(iii) any areas beyond the territorial seas of the United States within which, in accordance with international law and its domestic law, the United States may exercise sovereign rights with respect to the seabed and subsoil and their natural resources;

TRIPS Agreement means the Agreement on Trade-Related Aspects of Intellectual Property Rights, contained in Annex 1C to the WTO Agreement; (4)

WTO means the World Trade Organization; and

WTO Agreement means the Marrakesh Agreement Establishing the World Trade Organization, done on April 15, 1994.

(1) For greater certainty, "customs duty" includes an adjustment tariff imposed pursuant to Article 69 of Korea's Customs Act.
(2) A natural person who is domiciled in the area north of the Military Demarcation Line on the Korean Peninsula shall not be entitled to benefits under this Agreement.
(3) For greater certainty, ownership, or control through ownership interests, may be direct or indirect.
(4) For greater certainty, "TRIPS Agreement" includes any waiver in force between the Parties of any provision of the TRIPS Agreement granted by WTO Members in accordance with the WTO Agreement.

Chapter Two. NATIONAL TREATMENT AND MARKET ACCESS FOR GOODS

Article 2.1. SCOPE AND COVERAGE

Except as otherwise provided in this Agreement, this Chapter applies to trade in goods of a Party.

Section A. National Treatment

Article 2.2. NATIONAL TREATMENT

1. Each Party shall accord national treatment to the goods of the other Party in accordance with Article III of GATT 1994, including its interpretive notes, and to this end Article III of GATT 1994 and its interpretive notes are incorporated into and made part of this Agreement, mutatis mutandis.

2. The treatment to be accorded by a Party under paragraph 1 means, with respect to a regional level of government, treatment no less favorable than the most favorable treatment that regional level of government accords to any like, directly competitive, or substitutable goods, as the case may be, of the Party of which it forms a part.

3. Paragraphs 1 and 2 shall not apply to the measures set out in Annex 2-A. Section B: Elimination of Customs Duties

Article 2.3. ELIMINATION OF CUSTOMS DUTIES

1. Except as otherwise provided in this Agreement, neither Party may increase any existing customs duty, or adopt any new customs duty, on an originating good.

2. Except as otherwise provided in this Agreement, each Party shall progressively eliminate its customs duties on originating goods in accordance with its Schedule to Annex 2-B.

3. On the request of either Party, the Parties shall consult to consider accelerating the elimination of customs duties set out in their Schedules to Annex 2-B. An agreement by the Parties to accelerate the elimination of a customs duty on a good shall supercede any duty rate or staging category determined pursuant to their Schedules to Annex 2-B for that good when approved by each Party in accordance with its applicable legal procedures.

4. For greater certainty, a Party may:

(a) raise a customs duty to the level established in its Schedule to Annex 2-B following a unilateral reduction; or

(b) maintain or increase a customs duty as authorized by the Dispute Settlement Body of the WTO.

Section C. Special Regimes

Article 2.4. WAIVER OF CUSTOMS DUTIES

1. Neither Party may adopt any new waiver of customs duties, or expand with respect to existing recipients or extend to any new recipient the application of an existing waiver of customs duties, where the waiver is conditioned, explicitly or implicitly, on the fulfillment of a performance requirement.

2. Neither Party may, explicitly or implicitly, condition on the fulfillment of a performance requirement the continuation of any existing waiver of customs duties.

Article 2.5. TEMPORARY ADMISSION OF GOODS

1. Each Party shall grant duty-free temporary admission for the following goods, regardless of their origin:

(a) professional equipment, including equipment for the press or television, software, and broadcasting and cinematographic equipment, necessary for carrying out the business activity, trade, or profession of a person who qualifies for temporary entry pursuant to the laws of the importing Party;

(b) goods intended for display or demonstration;

(c) commercial samples and advertising films and recordings; and

(d) goods admitted for sports purposes.

2. Each Party shall, at the request of the person concerned and for reasons its customs authority considers valid, extend the time limit for temporary admission beyond the period initially fixed.

3. Neither Party may condition the duty-free temporary admission of a good referred to in paragraph 1, other than to require that the good:

(a) be used solely by or under the personal supervision of a national or resident of the other Party in the exercise of the business activity, trade, profession, or sport of that person;

(b) not be sold or leased while in its territory;

(c) be accompanied by a security in an amount no greater than 110 percent of the charges that would otherwise be owed on entry or final importation, releasable on exportation of the good;

(d) be capable of identification when exported;

(e) be exported on the departure of the person referenced in subparagraph (a), or within such other period related to the purpose of the temporary admission as the Party may establish, or within one year, unless extended;

(f) be admitted in no greater quantity than is reasonable for its intended use; and

(g) be otherwise admissible into the Party's territory under its law.

4. If any condition that a Party imposes under paragraph 3 has not been fulfilled, the Party may apply the customs duty and any other charge that would normally be owed on the good plus any other charges or penalties provided for under its law.

5. Each Party shall adopt and maintain procedures providing for the expeditious release of goods admitted under this Article. To the extent possible, such procedures shall provide that when such a good accompanies a national or resident of the other Party who is seeking temporary entry, the good shall be released simultaneously with the entry of that national or resident.

6. Each Party shall permit a good temporarily admitted under this Article to be exported through a customs port other than that through which it was admitted.

7. Each Party shall provide that the importer or other person responsible for a good admitted under this Article shall not be liable for failure to export the good on presentation of satisfactory proof to the importing Party that the good has been destroyed within the original period fixed for temporary admission or any lawful extension.

8. Subject to Chapters Eleven (Investment) and Twelve (Cross-Border Trade in Services):

(a) each Party shall allow a container used in international traffic that enters its territory from the territory of the other Party to exit its territory on any route that is reasonably related to the economic and prompt departure of such container;

(b) neither Party may require any security or impose any penalty or charge solely by reason of any difference between the port of entry and the port of departure of a container;

(c) neither Party may condition the release of any obligation, including any security, that it imposes in respect of the entry of a container into its territory on its exit through any particular port of departure; and

(d) neither Party may require that the carrier bringing a container from the territory of the other Party into its territory be the same carrier that takes the container to the territory of the other Party.

Article 2.6. GOODS RE-ENTERED AFTER REPAIR OR ALTERATION

1. Neither Party may apply a customs duty to a good, regardless of its origin, that re-enters its territory after that good has been temporarily exported from its territory to the territory of the other Party for repair or alteration, regardless of whether the repair or alteration:

(a) could be performed in the territory of the Party from which the good was exported for repair or alteration; or

(b) has increased the value of the good.

2. Neither Party may apply a customs duty to a good, regardless of its origin, admitted temporarily from the territory of the other Party for repair or alteration.

3. For purposes of this Article, "repair or alteration" does not include an operation or process that:

(a) destroys a good's essential characteristics or creates a new or commercially different good; or

(b) transforms an unfinished good into a finished good.

Article 2.7. DUTY-FREE ENTRY OF COMMERCIAL SAMPLES OF NEGLIGIBLE VALUE AND PRINTED ADVERTISING MATERIALS

Each Party shall grant duty-free entry to commercial samples of negligible value, and to printed advertising materials, imported from the territory of the other Party, regardless of their origin, but may require that:

(a) the samples be imported solely for the solicitation of orders for goods, or services provided from the territory, of the other Party or a non-Party; or

(b) the advertising materials be imported in packets that each contain no more than one copy of each such material and that neither the materials nor the packets form part of a larger consignment.

Section D. Non-Tariff Measures

Article 2.8. IMPORT AND EXPORT RESTRICTIONS

1. Except as otherwise provided in this Agreement, neither Party may adopt or maintain any prohibition or restriction on the importation of any good of the other Party or on the exportation or sale for export of any good destined for the territory of the other Party, except in accordance with Article XI of GATT 1994 and its interpretative notes, and to this end Article XI of GATT 1994 and its interpretative notes are incorporated into and made a part of this Agreement, mutatis mutandis. (1)

2. The Parties understand that the GATT 1994 rights and obligations incorporated by paragraph 1 prohibit, in any circumstances in which any other form of restriction is prohibited, a Party from adopting or maintaining:

(a) export and import price requirements, except as permitted in enforcement of countervailing and antidumping duty orders and undertakings;

(b) import licensing conditioned on the fulfillment of a performance tequirement; or

(c) voluntary export restraints inconsistent with Article VI of GATT 1994, as implemented under Article 18 of the SCM Agreement and Article 8.1 of the AD Agreement.

3. Paragraphs 1 and 2 shall not apply to the measures set out in Annex 2-A.

4. In the event that a Party adopts or maintains a prohibition or restriction on the importation from or exportation to a non-Party of a good, no provision of this Agreement shall be construed to prevent the Party from:

(a) limiting or prohibiting the importation of the good of the non-Party from the territory of the other Party; or

(b) requiring as a condition for exporting the good of the Party to the territory of the other Party, that the good not be re-exported to the non-Party, directly or indirectly, without being consumed in the territory of the other Party.

5. In the event that a Party adopts or maintains a prohibition or restriction on the importation of a good from a non-Party, the Parties, on the request of either Party, shall consult with a view to avoiding undue interference with or distortion of pricing, marketing, or distribution arrangements in the territory of the other Party.

6. Neither Party may, as a condition for engaging in importation or for the importation of a good, require a person of the other Party to establish or maintain a contractual or other relationship with a distributor in its territory.

7. For greater certainty, paragraph 6 does not prevent a Party from requiring a person referred to in that paragraph to designate an agent for the purpose of facilitating communications between its regulatory authorities and that person.

8. For purposes of paragraph 6, distributor means a person of a Party who is responsible for the commercial distribution, agency, concession, or representation in the territory of that Party of goods of the other Party.

(1) For greater certainty, paragraph 1 applies, inter alia, to prohibitions or restrictions on the importation of remanufactured goods.

Article 2.9. IMPORT LICENSING

1. Neither Party may adopt or maintain a measure that is inconsistent with the Import Licensing Agreement. (2)

2. (a) Promptly after this Agreement enters into force, each Party shall notify the other Party of its existing import licensing procedures, if any. The notification shall:

(i) include the information specified in Article 5 of the Import Licensing Agreement; and

Page 1 Next page
  • Chapter   One INITIAL PROVISIONS AND DEFINITIONS 1
  • Section   A Initial Provisions 1
  • Article   1.1 ESTABLISHMENT OF A FREE TRADE AREA 1
  • Article   1.2 RELATION TO OTHER AGREEMENTS 1
  • Article   1.3 EXTENT OF OBLIGATIONS 1
  • Section   B General Definitions 1
  • Article   1.4 DEFINITIONS 1
  • Chapter   Two NATIONAL TREATMENT AND MARKET ACCESS FOR GOODS 1
  • Article   2.1 SCOPE AND COVERAGE 1
  • Section   A National Treatment 1
  • Article   2.2 NATIONAL TREATMENT 1
  • Article   2.3 ELIMINATION OF CUSTOMS DUTIES 1
  • Section   C Special Regimes 1
  • Article   2.4 WAIVER OF CUSTOMS DUTIES 1
  • Article   2.5 TEMPORARY ADMISSION OF GOODS 1
  • Article   2.6 GOODS RE-ENTERED AFTER REPAIR OR ALTERATION 1
  • Article   2.7 DUTY-FREE ENTRY OF COMMERCIAL SAMPLES OF NEGLIGIBLE VALUE AND PRINTED ADVERTISING MATERIALS 1
  • Section   D Non-Tariff Measures 1
  • Article   2.8 IMPORT AND EXPORT RESTRICTIONS 1
  • Article   2.9 IMPORT LICENSING 1
  • Article   2.10 ADMINISTRATIVE FEES AND FORMALITIES 2
  • Article   2.11 EXPORT DUTIES, TAXES, OR OTHER CHARGES 2
  • Article   2.12 ENGINE DISPLACEMENT TAXES 2
  • Section   E Other Measures 2
  • Article   2.13 DISTINCTIVE PRODUCTS 2
  • Section   F Institutional Provisions 2
  • Article   2 COMMITTEE ON TRADE IN GOODS 2
  • Section   G Definitions 2
  • Article   2.15 DEFINITIONS 2
  • Chapter   Three AGRICULTURE 2
  • Article   3.1 SCOPE AND COVERAGE 2
  • Article   3.2 ADMINISTRATION AND IMPLEMENTATION OF TARIFF-RATE QUOTAS 2
  • Article   3.3 AGRICULTURAL SAFEGUARD MEASURES 2
  • Article   3.4 COMMITTEE ON AGRICULTURAL TRADE 2
  • Article   3.5 DEFINITIONS 2
  • Chapter   Four TEXTILES AND APPAREL 2
  • Article   4.1 BILATERAL EMERGENCY ACTIONS 2
  • Article   4.2 RULES OF ORIGIN AND RELATED MATTERS 2
  • Article   4.3 CUSTOMS COOPERATION FOR TEXTILE OR APPAREL GOODS 3
  • Article   4.4 COMMITTEE ON TEXTILE AND APPAREL TRADE MATTERS 3
  • Article   4.5 DEFINITIONS for Purposes of this Chapter: 3
  • Chapter   Five PHARMACEUTICAL PRODUCTS AND MEDICAL DEVICES 3
  • Article   5.1 GENERAL PROVISIONS 3
  • Article   5.2 ACCESS TO INNOVATION 3
  • Article   5.3 TRANSPARENCY 3
  • Article   5.4 DISSEMINATION OF INFORMATION 3
  • Article   5.5 ETHICAL BUSINESS PRACTICES 3
  • Article   5.6 REGULATORY COOPERATION 3
  • Article   5.7 MEDICINES AND MEDICAL DEVICES COMMITTEE 3
  • Article   5.8 DEFINITIONS 3
  • Chapter   Six RULES OF ORIGIN AND ORIGIN PROCEDURES 3
  • Section   A Rules of Origin 3
  • Article   6.1 ORIGINATING GOODS  (1) 3
  • Article   6.2 REGIONAL VALUE CONTENT. 3
  • Article   6.3 VALUE OF MATERIALS 4
  • Article   6.4 FURTHER ADJUSTMENTS TO THE VALUE OF MATERIALS 4
  • Article   6.5 ACCUMULATION 4
  • Article   6.6 DE MINIMIS 4
  • Article   6.7 FUNGIBLE GOODS AND MATERIALS  (5) 4
  • Article   6.8 ACCESSORIES, SPARE PARTS, AND TOOLS 4
  • Article   6.9 SETS OF GOODS 4
  • Article   6.10 PACKAGING MATERIALS AND CONTAINERS FOR RETAIL SALE 4
  • Article   6.11 PACKING MATERIALS AND CONTAINERS FOR SHIPMENT 4
  • Article   6.12 INDIRECT MATERIALS 4
  • Article   6.13 TRANSIT AND TRANSSHIPMENT 4
  • Article   6.14 CONSULTATION AND MODIFICATION 4
  • Section   B Origin Procedures 4
  • Article   6.15 CLAIMS FOR PREFERENTIAL TARIFF TREATMENT 4
  • Article   6.16 WAIVER OF CERTIFICATION OR OTHER INFORMATION 4
  • Article   6.17 RECORD KEEPING REQUIREMENTS 4
  • Article   6.18 VERIFICATION 4
  • Article   6.19 OBLIGATIONS RELATING TO IMPORTATIONS 4
  • Article   6.20 OBLIGATIONS RELATING TO EXPORTATIONS 4
  • Article   6.21 COMMON GUIDELINES 4
  • Article   6.22 DEFINITIONS 4
  • Article   6.21 COMMON GUIDELINES 5
  • Article   6.22 DEFINITIONS 5
  • Chapter   Seven CUSTOMS ADMINISTRATION AND TRADE FACILITATION 5
  • Article   7.1 PUBLICATION 5
  • Article   7.2 RELEASE OF GOODS 5
  • Article   7.3 AUTOMATION 5
  • Article   7.4 RISK MANAGEMENT 5
  • Article   7.5 COOPERATION 5
  • Article   7.6 CONFIDENTIALITY 5
  • Article   7.7 EXPRESS SHIPMENTS 5
  • Article   7.8 REVIEW AND APPEAL 5
  • Article   7.9 PENALTIES 5
  • Article   7.10 ADVANCE RULINGS 5
  • Chapter   Eight SANITARY AND PHYTOSANITARY MEASURES 5
  • Article   8.1 SCOPE 5
  • Article   8.2 RIGHTS AND OBLIGATIONS OF THE PARTIES 5
  • Article   8.3 COMMITTEE ON SANITARY AND PHYTOSANITARY MATTERS 5
  • Article   8.4 DISPUTE SETTLEMENT 6
  • Chapter   Nine TECHNICAL BARRIERS TO TRADE 6
  • Article   9.1 AFFIRMATION OF TBT AGREEMENT 6
  • Article   9.2 SCOPE AND COVERAGE 6
  • Article   9.3 INTERNATIONAL STANDARDS 6
  • Article   9.4 JOINT COOPERATION 6
  • Article   9.5 CONFORMITY ASSESSMENT PROCEDURES 6
  • Article   9.6 TRANSPARENCY 6
  • Article   9.7 AUTOMOTIVE STANDARDS AND TECHNICAL REGULATIONS 6
  • Article   9.8 COMMITTEE ON TECHNICAL BARRIERS TO TRADE 6
  • Article   9.9 INFORMATION EXCHANGE 6
  • Article   9.10 DEFINITIONS 6
  • Chapter   Ten TRADE REMEDIES 6
  • Section   A Safeguard Measures 6
  • Article   10.1 APPLICATION OF a SAFEGUARD MEASURE 6
  • Article   10.2 CONDITIONS AND LIMITATIONS 6
  • Article   10.3 PROVISIONAL MEASURES 6
  • Article   10.4 COMPENSATION 6
  • Article   10.5 GLOBAL SAFEGUARD ACTIONS 6
  • Article   10.6 DEFINITIONS 6
  • Section   B Antidumping and Countervailing Duties 6
  • Article   10.7 ANTIDUMPING AND COUNTERVAILING DUTIES 6
  • Section   C Committee on Trade Remedies 6
  • Article   10.8 COMMITTEE ON TRADE REMEDIES 6
  • Chapter   Eleven INVESTMENT 7
  • Section   A Investment 7
  • Article   11.1 SCOPE AND COVERAGE 7
  • Article   11.2 RELATION TO OTHER CHAPTERS 7
  • Article   11.3 NATIONAL TREATMENT 7
  • Article   11.4 MOST-FAVORED-NATION TREATMENT 7
  • Article   11.5 MINIMUM STANDARD OF TREATMENT!  (1) 7
  • Article   11.6 EXPROPRIATION AND COMPENSATION  (2) 7
  • Article   11.7 TRANSFERS  (3) 7
  • Article   11.8 PERFORMANCE REQUIREMENTS 7
  • Article   11.9 SENIOR MANAGEMENT AND BOARDS OF DIRECTORS 7
  • Article   11.10 INVESTMENT AND ENVIRONMENT 7
  • Article   11.11 DENIAL OF BENEFITS 7
  • Article   11.12 NON-CONFORMING MEASURES 7
  • Article   11.13 SPECIAL FORMALITIES AND INFORMATION REQUIREMENTS 7
  • Article   11.14 SUBROGATION 7
  • Section   B Investor-State Dispute Settlement 7
  • Article   11.15 CONSULTATION AND NEGOTIATION 7
  • Article   11.16 SUBMISSION OF a CLAIM TO ARBITRATION 7
  • Article   11.17 CONSENT OF EACH PARTY TO ARBITRATION 8
  • Article   11.18 CONDITIONS AND LIMITATIONS ON CONSENT OF EACH PARTY 8
  • Article   11.19 SELECTION OF ARBITRATORS 8
  • Article   11.20 CONDUCT OF THE ARBITRATION 8
  • Article   11.21 TRANSPARENCY OF ARBITRAL PROCEEDINGS 8
  • Article   11.22 GOVERNING LAW 8
  • Article   11.23 INTERPRETATION OF ANNEXES 8
  • Article   11.24 EXPERT REPORTS 8
  • Article   11.25 CONSOLIDATION 8
  • Article   11.26 AWARDS 8
  • Article   11.27 SERVICE OF DOCUMENTS 8
  • Article   11.27 SERVICE OF DOCUMENTS 9
  • Section   C Definitions 9
  • Article   11.28 DEFINITIONS 9
  • Annex 11-A  CUSTOMARY INTERNATIONAL LAW 9
  • Annex 11-B  EXPROPRIATION 9
  • Annex 11-C  SERVICE OF DOCUMENTS ON A PARTY UNDER SECTION B 9
  • Annex 11-D  POSSIBILITY OF A BILATERAL APPELLATE MECHANISM 9
  • Annex 11-E  SUBMISSION OF A CLAIM TO ARBITRATION 9
  • Annex 11-F  TAXATION AND EXPROPRIATION 9
  • Annex 11-G  TRANSFERS 9
  • Exchange of Letters 9
  • Chapter   Twelve CROSS-BORDER TRADE IN SERVICES 9
  • Article   12.1 SCOPE AND COVERAGE 9
  • Article   12.2 NATIONAL TREATMENT 10
  • Article   12.3 MOST-FAVORED-NATION TREATMENT  (4) 10
  • Article   12.4 MARKET ACCESS 10
  • Article   12.5 LOCAL PRESENCE 10
  • Article   12.6 NON-CONFORMING MEASURES 10
  • Article   12.7 DOMESTIC REGULATION 10
  • Article   12.8 TRANSPARENCY IN DEVELOPING AND APPLYING REGULATIONS  (8) 10
  • Article   12.9 RECOGNITION 10
  • Article   12.10 PAYMENTS AND TRANSFERS  (9) 10
  • Article   12.11 DENIAL OF BENEFITS 10
  • Article   12.12 SPECIFIC COMMITMENTS 10
  • Article   12.13 DEFINITIONS 10
  • Exchange of Letters 10
  • Chapter   Thirtheen FINANCIAL SERVICES 10
  • Article   13.1 SCOPE AND COVERAGE 10
  • Article   13.2 NATIONAL TREATMENT 11
  • Article   13.3 MOST-FAVORED-NATION TREATMENT 11
  • Article   13.4 MARKET ACCESS FOR FINANCIAL INSTITUTIONS 11
  • Article   13.5 CROSS-BORDER TRADE 11
  • Article   13.6 NEW FINANCIAL SERVICES  (2) 11
  • Article   13.7 TREATMENT OF CERTAIN INFORMATION 11
  • Article   13.8 SENIOR MANAGEMENT AND BOARDS OF DIRECTORS 11
  • Article   13.9 NON-CONFORMING MEASURES 11
  • Article   13.10 EXCEPTIONS 11
  • Article   13.11 TRANSPARENCY 11
  • Article   13.12 SELF-REGULATORY ORGANIZATIONS  (8) 11
  • Article   13.13 PAYMENT AND CLEARING SYSTEMS 11
  • Article   13.14 RECOGNITION 11
  • Article   13.15 SPECIFIC COMMITMENTS 11
  • Article   13.16 FINANCIAL SERVICES COMMITTEE 11
  • Article   13.17 CONSULTATIONS 11
  • Article   13.18 DISPUTE SETTLEMENT 11
  • Article   13.19 INVESTMENT DISPUTES IN FINANCIAL SERVICES 11
  • Article   13.20 DEFINITIONS 11
  • Annex 13-A  CROSS-BORDER TRADE 12
  • Annex 13-B  SPECIFIC COMMITMENTS 12
  • Section   A PORTFOLIO MANAGEMENT 12
  • Section   B TRANSFER OF INFORMATION 12
  • Section   C PERFORMANCE OF FUNCTIONS 12
  • Section   D TRANSPARENCY 12
  • Section   E INSURANCE COMPLAINT METHODS AND PROCEDURES 12
  • Section   F SECTORAL COOPERATIVES SELLING INSURANCE 12
  • Section   G SUPERVISORY COOPERATION 12
  • Section   H GOVERNMENT PROCUREMENT 12
  • Section   I EXPEDITED AVAILABILITY OF INSURANCE 12
  • Annex 13-C  FINANCIAL SERVICES COMMITTEE 12
  • Chapter   Fourteen TELECOMMUNICATIONS 12
  • Article   14.1 SCOPE AND COVERAGE 12
  • Section   A Access to and Use of Public Telecommunications Networks and Services 12
  • Article   14.2 ACCESS AND USE 12
  • Section   B Suppliers of Public Telecommunications Services 12
  • Article   14.3 OBLIGATIONS RELATING TO SUPPLIERS OF PUBLIC TELECOMMUNICATIONS SERVICES  (2) 12
  • Article   14.5 COMPETITIVE SAFEGUARDS 13
  • Article   14.6 RESALE 13
  • Article   14.7 UNBUNDLING OF NETWORK ELEMENTS 13
  • Article   14.8 INTERCONNECTION 13
  • Article   14.9 PROVISIONING AND PRICING OF LEASED CIRCUITS SERVICES  (6) 13
  • Article   14.10 CO-LOCATION 13
  • Article   14.11 ACCESS TO POLES, DUCTS, CONDUITS, AND RIGHTS-OF-WAY 13
  • Section   D Other Measures 13
  • Article   14.12 SUBMARINE CABLE SYSTEMS 13
  • Article   14.13 CONDITIONS FOR THE SUPPLY OF VALUE-ADDED SERVICES 13
  • Article   14.14 INDEPENDENT REGULATORY BODIES 13
  • Article   14.15 UNIVERSAL SERVICE 13
  • Article   14.16 LICENSING PROCESS 13
  • Article   14.17 ALLOCATION AND USE OF SCARCE RESOURCES 13
  • Article   14.18 ENFORCEMENT 13
  • Article   14.19 RESOLUTION OF TELECOMMUNICATIONS DISPUTES  (12) 13
  • Article   14.20 TRANSPARENCY 13
  • Article   14.21 MEASURES CONCERNING TECHNOLOGIES AND STANDARDS  (15) 13
  • Article   14.22 FORBEARANCE 13
  • Article   14.23 RELATION TO OTHER CHAPTERS 13
  • Article   14.24 DEFINITIONS 13
  • Chapter   Fifteen ELECTRONIC COMMERCE 14
  • Article   15.1 GENERAL 14
  • Article   15.2 ELECTRONIC SUPPLY OF SERVICES 14
  • Article   15.3 DIGITAL PRODUCTS 14
  • Article   15.4 ELECTRONIC AUTHENTICATION AND ELECTRONIC SIGNATURES 14
  • Article   15.5 ONLINE CONSUMER PROTECTION 14
  • Article   15.6 PAPERLESS TRADING 14
  • Article   15.7 PRINCIPLES ON ACCESS TO AND USE OF THE INTERNET FOR ELECTRONIC COMMERCE 14
  • Article   15.8 CROSS-BORDER INFORMATION FLOWS 14
  • Article   15.9 DEFINITIONS 14
  • Chapter   Sixteen COMPETITION-RELATED MATTERS 14
  • Article   16.1 COMPETITION LAW AND ANTICOMPETITIVE BUSINESS CONDUCT 14
  • Article   16.2 DESIGNATED MONOPOLIES 14
  • Article   16.3 STATE ENTERPRISES 14
  • Article   16.4 DIFFERENCES IN PRICING 14
  • Article   16.5 TRANSPARENCY 14
  • Article   16.6 CROSS-BORDER CONSUMER PROTECTION 14
  • Article   16.7 CONSULTATIONS 14
  • Article   16.8 DISPUTE SETTLEMENT 14
  • Article   16.9 DEFINITIONS 14
  • Chapter   Seventeen GOVERNMENT PROCUREMENT 14
  • Article   17.1 GENERAL PROVISIONS 14
  • Article   17.2 SCOPE AND COVERAGE 14
  • Article   17.3 INCORPORATION OF GPA PROVISIONS 15
  • Article   17.4 GENERAL PRINCIPLES 15
  • Article   17.5 CONDITIONS FOR PARTICIPATION 15
  • Article   17.6 PUBLICATION OF NOTICES 15
  • Article   17.7 TECHNICAL SPECIFICATIONS 15
  • Article   17.8 TIME-PERIODS 15
  • Article   17.9 MODIFICATIONS AND RECTIFICATIONS TO COVERAGE 15
  • Article   17.10 GOVERNMENT PROCUREMENT WORKING GROUP 15
  • Article   17.11 DEFINITIONS 15
  • Chapter   Eighteen INTELLECTUAL PROPERTY RIGHTS 15
  • Article   18.1 GENERAL PROVISIONS 15
  • Article   18.2 TRADEMARKS INCLUDING GEOGRAPHICAL INDICATIONS 16
  • Article   18.3 DOMAIN NAMES ON THE INTERNET 16
  • Article   18.4 COPYRIGHT AND RELATED RIGHTS 16
  • Article   18.5 COPYRIGHT 16
  • Article   18.6 RELATED RIGHTS 16
  • Article   18.7 PROTECTION OF ENCRYPTED PROGRAM-CARRYING SATELLITE AND CABLE SIGNALS 16
  • Article   18.8 PATENTS 16
  • Article   18.9 MEASURES RELATED TO CERTAIN REGULATED PRODUCTS 17
  • Article   18.10 ENFORCEMENT OF INTELLECTUAL PROPERTY RIGHTS 17
  • Article   18.11 UNDERSTANDINGS REGARDING CERTAIN PUBLIC HEALTH MEASURES 17
  • Article   18.11 UNDERSTANDINGS REGARDING CERTAIN PUBLIC HEALTH MEASURES 18
  • Article   18.12 TRANSITIONAL PROVISIONS 18
  • Chapter   Nineteen LABOR 18
  • Article   19.1 STATEMENT OF SHARED COMMITMENT 18
  • Article   19.2 FUNDAMENTAL LABOR RIGHTS 18
  • Article   19.3 APPLICATION AND ENFORCEMENT OF LABOR LAWS 18
  • Article   19.4 PROCEDURAL GUARANTEES AND PUBLIC AWARENESS 18
  • Article   19.5 INSTITUTIONAL ARRANGEMENTS 18
  • Article   19.6 LABOR COOPERATION 18
  • Article   19.7 LABOR CONSULTATIONS 18
  • Article   19.8 DEFINITIONS 18
  • Annex 19-A  LABOR COOPERATION MECHANISM 18
  • Exchange of Letters 18
  • Chapter   Twenty ENVIRONMENT 18
  • Article   20.1 LEVELS OF PROTECTION 18
  • Article   20.2 ENVIRONMENTAL AGREEMENTS 18
  • Article   20.3 APPLICATION AND ENFORCEMENT OF ENVIRONMENTAL LAWS 18
  • Article   20.4 PROCEDURAL MATTERS 18
  • Article   20.5 MECHANISMS TO ENHANCE ENVIRONMENTAL PERFORMANCE 19
  • Article   20.6 INSTITUTIONAL ARRANGEMENTS 19
  • Article   20.7 OPPORTUNITIES FOR PUBLIC PARTICIPATION 19
  • Article   20.8 ENVIRONMENTAL COOPERATION 19
  • Article   20.9 ENVIRONMENTAL CONSULTATIONS AND PANEL PROCEDURE 19
  • Article   20.10 RELATION TO MULTILATERAL ENVIRONMENTAL AGREEMENTS 19
  • Article   20.11 DEFINITIONS 19
  • Annex 20-A  COVERED AGREEMENTS 19
  • Exchange of Letters 19
  • Chapter   Twenty-One TRANSPARENCY 19
  • Article   21.1 PUBLICATION 19
  • Article   21.2 PROVISION OF INFORMATION 19
  • Article   21.3 ADMINISTRATIVE PROCEEDINGS 19
  • Article   21.4 REVIEW AND APPEAL 19
  • Article   21.5 POLICY ON PRIVATE PURCHASES 19
  • Article   21.5 POLICY ON PRIVATE PURCHASES 19
  • Article   21.6 ANTI-CORRUPTION 20
  • Article   21.7 DEFINITIONS 20
  • Chapter   Twenty-Two INSTITUTIONAL PROVISIONS AND DISPUTE SETTLEMENT 20
  • Section   A Institutional Provisions and Administration 20
  • Article   22.1 CONTACT POINTS 20
  • Article   22.2 JOINT COMMITTEE 20
  • Section   B Dispute Settlement Proceedings 20
  • Article   22.3 COOPERATION 20
  • Article   22.4 SCOPE OF APPLICATION 20
  • Article   22.5 ADMINISTRATION OF DISPUTE SETTLEMENT PROCEEDINGS 20
  • Article   22.6 CHOICE OF FORUM 20
  • Article   22.7 CONSULTATIONS 20
  • Article   22.8 REFERRAL TO THE JOINT COMMITTEE 20
  • Article   22.9 ESTABLISHMENT OF PANEL  (3) 20
  • Article   22.10 RULES OF PROCEDURE 20
  • Article   22.11 PANEL REPORT 20
  • Article   22.12 IMPLEMENTATION OF THE FINAL REPORT 20
  • Article   22.13 NON-IMPLEMENTATION 20
  • Article   22.14 COMPLIANCE REVIEW 20
  • Article   22.15 FIVE-YEAR REVIEW 20
  • Section   C Domestic Proceedings and Private Commercial Dispute Settlement 20
  • Article   22.16 PRIVATE RIGHTS 20
  • Article   22.17 ALTERNATIVE DISPUTE RESOLUTION 20
  • Chapter   Twenty-Three EXCEPTIONS 20
  • Article   23.1 GENERAL EXCEPTIONS 20
  • Article   23.2 ESSENTIAL SECURITY 20
  • Article   23.3 TAXATION 21
  • Article   23.4 DISCLOSURE OF INFORMATION 21
  • Chapter   Twenty-Four FINAL PROVISIONS 21
  • Article   24.1 ANNEXES, APPENDICES, AND FOOTNOTES 21
  • Article   24.2 AMENDMENTS 21
  • Article   24.3 AMENDMENT OF THE WTO AGREEMENT 21
  • Article   24.4 ACCESSION 21
  • Article   24.5 ENTRY INTO FORCE AND TERMINATION 21
  • Article   24.6 AUTHENTIC TEXT 21
  • Annex I  EXPLANATORY NOTES 21
  • Annex I  SCHEDULE OF KOREA 21
  • Annex I  SCHEDULE OF THE UNITED STATES 25
  • Appendix I-A  Illustrative list of U.S. regional non-conforming measures (1) 26
  • Appendix I-A  Illustrative list of U.S. regional non-conforming measures  (2) 26
  • Annex II  EXPLANATORY NOTES 26
  • Annex II  SCHEDULE OF KOREA 26
  • Appendix II-A  Korea 28
  • Annex II  Schedule of the United States 28
  • Appendix II-A  United States 29