ITC Posts March 15 HTS (Revision 1) with Korea FTA Duty Rates
The International Trade Commission has posted Revision 1 of the 2012 Harmonized Tariff Schedule containing the rates for the new U.S.-Korea Free Trade Agreement (KFTA), which is effective for qualifying goods entered or withdrawn from warehouse for consumption on or after March 15, 2012. However, sources state that U.S. and Korean negotiators are still working on updating the KFTA rules of origin.
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(On March 9, 2012, Presidential Proclamation 8783 was published, amending the HTS to implement the KFTA, effective for goods of Korea entered or withdrawn from warehouse for consumption on or after March 15, 2012. ITC Report 4308 contains the annexes to the Proclamation, listing all the 2012 and later year amendments to the HTS for the KFTA. See ITT's Online Archives 12030929 for summary.)
Note that the KFTA Rules of Origin (ROOs), specifically the KFTA tariff change rules (TCRs), in General Note 33 of the March 15 HTS have not yet been updated for the 2007 or 2012 World Customs Organization HTS tariff changes that have been implemented by the U.S. The U.S. is working on updating the KFTA ROOs with Korean officials, but were not able to finish in time by March 9. The U.S. will have to implement such updates to the HTS at a later time, by proclamation. See ITT's Online Archives 12031222 for additional details.)