United States -Korea FTA Text Available on USTR Website

May 23, 2007



Washington DC
– The United
States and Korea have simultaneously released
the full draft text of the United States-Korea Free Trade Agreement
FTA”).  Negotiations on the agreement were completed on
April 1.  U.S.
Trade Representative Susan C. Schwab issued the

“As we have underscored since we completed negotiations on
Agreement, the KORUS FTA is a strong, comprehensive deal that will bring
concrete benefits to U.S.
manufacturers, services providers,
farmers, ranchers, and workers, as well as
the people of
Korea.  The text lays out the
details of this historic Agreement between two large countries with
modern economies,” said Ambassador Schwab.  “The
agreement will advance
U.S. efforts to deepen and strengthen

its trade and investment ties in a strategically significant part of
the world.”

The Agreement contains 24 chapters, which provide for
reductions in tariffs on industrial and agriculture products, and

include state-of-the-art commitments in competition policy, e-
transparency, pharmaceuticals/medical devices, intellectual
property rights
(IPR), investment, and services.  The Agreement
also includes an
unprecedented and strong package of automotive
provisions, which will level the
playing field in this important
sector.  The automotive provisions are
found throughout the text,
including in the chapters on market access and
national treatment for
goods, technical barriers to trade, and dispute

This draft text does not yet include provisions that
reflect the
recently-concluded agreement between Congress and the Administration
labor rights, environmental safeguards and other issues that have created a
new, bipartisan path forward on trade.   The Administration
Congress are still in the process of converting this agreement into
text.  When that process is complete, the
United States looks forward
to working together
with Korea to reflect that


The draft KORUS FTA text is available on the USTR website
at  As is the case with all FTAs, the draft text is

subject to legal review for accuracy, clarity, and consistency. 

The following fact sheets are also

Sumary of the agreement

Economic and Strategic Benefits

Summary of auto provisions

Summary of agricultural provisions

Statements of Support for KORUS FTA