The Date Of The Korea Us Free Trade Agreement (FTA) Is Postponed Due To The Need For Additional Amendments.

2011/12/17 10:52:00 17

Korea Ministry of foreign affairs and trade

FTA

Speaking at a regular press conference on (12) 12, Mr. Cui Yong, a negotiator, said that South Korea and the United States hope that FTA will take effect from January 1st (2012).

Book

The target will not be reached on time, and the effective date will be delayed for some time.

Cui negotiator said that the effective date was set on the premise that both countries could carry out the bill smoothly, but the bill was approved by Congress and president.

sign

After that, it is still necessary for us to renew the relevant subsidiary laws for a period of time, and send it to the US review after completing the additional act. The US side also needs to do legal plation and analysis work, plus Christmas and New Year holidays, and so on. Therefore, the effective date of the reservation will be postponed, but it will not be delayed for too long.

The reporter also asked whether the bill was effective with the effective date of FTA. Cui said that according to the provisions of the agreement, the effective date of the execution of the bill is the same as the effective date of FTA, and there will be no inconsistency.

In November 29th of this year, President Lee Myung-bak signed the 14 implementation act of the Korea us FTA to complete all the statutory procedures in the Chong Wa Dae.

In accordance with Clause first of article 24.5 of the agreement, the agreement between the two parties will be 60 days after the date of the exchange of signed documents or on both sides.

Agreement

The date comes into effect.

The general estimate of effective date may be in mid or late January next year.