US-Korea FTA Impact on Textiles and Apparels
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1 US-Korea FTA Impact on Textiles and Apparels
2 1 Overview of the Korean Economy 2 US-Korea FTA 3 Impact on textile and Apparel Industry 4 Introduce of Kotra LA
3 CHINA JAPAN 25% of global GDP
4 12 th Largest Economy in the World Area: 100,000km 2 (108 th ) Population: 50 million (24 th ) GDP (nominal): $1.01 trillion (15 th ) Per Capita: $20,756 (33 th ) GDP (ppp): $1.46 trillion (12 th ) Per Capita: $29,997 (26 th ) GDP Growth Rate: 6.2% (2010) Trade (2010): Export: $466BN Import: $425BN Foreign Exchange Reserves: $311 billion (Oct. 2011) * Short-Term External Debt: $150 BN (06/11) * Gross External Debt: $398 BN (06/11) Foreign Exchange Reserves (US$ bil.) Inflation (CPI): 2.9% (2010) Unemployment: 3.7% (2010) Source: The Bank of Korea, IMF, World Bank, Ministry of Strategy & Finance of KOREA Fiscal Deficit: 2.4% of GDP (2010) National Debt: 33.5% of GDP (2010)
5 China Canada Mexico Japan Germany U. Kingdom Korea : Two-way trade volume reached over 90 billion USD in 2010 US$ million 100,000 90,219 50,000 28,783 30,586 33,654 37,219 38,365 42,849 41,343 43,184 45,766 46,377 29,039 37,650 40,403 49,816 US Export Korea Export * Source : World Trade Atlas Korea = 5th largest market for U.S. agricultural goods Korea = 2nd largest market for U.S. services in Asia Korea = 10th largest market for U.S. information technology
6 1 Overview of the Korean Economy 2 US-Korea FTA 3 Impact on textile and Apparel Industry 4 Introduce of Kotra LA
7 Korea will conclude FTAs with 2/3 of the world markets or almost 1/2 the world s population. Source: Ministry of Foreign Affairs and Trade Entered into force Concluded Underway On the agenda/ Joint Study Chile (April 04), Singapore (Mar. 06), EFTA (Sep. 06), ASEAN (June 07), India (CEPA) (Jan. 10), EU (July 11), Peru (Aug. 11) USA Canada, Mexico, GCC, Australia, New Zealand, Columbia, Turkey Japan, China, Korea-China-Japan MERCOSUR, Turkey, Russia, Israel, SACU 61% of world GDP, 46.2% of world trade volume, 39.7% of world population
8 KORUS FTA Negotiation Process Launch of the KORUS FTA negotiation 8 rounds of the KORUS FTA negotiation Signed the KORUS FTA Signed Legal Texts related to the Trade Agreement Procedures for Action Ratification Bill Approval from Foreign Affairs, Trade and Unification Committee Approval from the National Assembly Plenary Session Implementation Law Review from the Legislation & Judiciary Committee Approval from the National Assembly Plenary Session President Signing The House of Representatives Review from the House of Ways and Means Committee Plenary Vote The Senate Review from the Finance Committee Plenary Vote President Ratification
9 exports Average tariff of 11.2% exports Average tariff of 3.7% Tariff Elimination by the KORUS FTA within 3 years Nearly 95 percent of bilateral trade in consumer and industrial products will become duty-free within 10 years Almost all other tariffs will be eliminated Overall Benefits of the KORUS FTA (USITC, 2007) U.S. GDP growth: $10.1~11.9 billion U.S. Merchandise Exports increase: $9.7~10.9 billion President Obama More than 1% Increase of U.S. Exports Create 250,000 Well-paying jobs in the US <7/11>
10 U.S. will eliminate tariffs within 12 yrs / Korea within 15 yrs By # of products, the U.S. will eliminate 92.1% / Korea 94.1% of tariffs within 3 yrs. Concession Schedule [Tariff elimination of manufactured products] No. of products -% of total Korea Import Value -% of total No. of products United States -% of total Unit:100million USD Import Value -% of total Immediate 7, , years, linear years, linear yrs 12 yrs Linear Non-linear 24* Non-linear TRQ years (TRQ) Total
11 Federal Government Procurement - Threshold Level of Goods and Services : $190,000 $100,000 - Restriction on Requesting Track Records in US U.S. Federal Government Procurement Market Size : $450 Billion (2010) Korea Holds Only 0.1% FDI : Improves Investment Environment - Improves foreign investment systems and transparency on investor policies Others - Customs Clearance Process(within 48 hrs, especially 4 hrs for FEDEX) - TBT(Technical Barriers to Trade) - Trade Remedies, etc.
12 1 Overview of the Korean Economy 2 US-Korea FTA 3 Impact on textile and Apparel Industry 4 Introduce of Kotra LA
13 Korea was once the fourth largest exporter of textiles and apparel to the United States, with an eight percent market share in 1991 Since that time, Korea s share of the U.S. textiles and apparel market has dwindled Between 2004 and 2009 U.S. imports of textiles and apparel from Korea decreased by 64.5 percent (by value) U.S. textiles and apparel exports to Korea increased by 41.7 percent (by value) US Exports to Korea US Imports from Korea <8/11>
14 Synthetic Staple Fibres of Polyesters Immediate Tariff Elimination : 4.3% 2010 Korea s US Market share : 2nd (27.8%) Immediate Tariff Elimination : 17.2% Plus price rise of china product Increase of competitive advantage Pile fabrics knitted or crocheted Woven fabrics of artificial filament yarn Immediate Tariff Elimination : 14.9% Competitive advantage in price comparing with developed countres Immediate Tariff Elimination : 32.0% Inferior to China, Vietnam in price But superior in Quality and Design Sweaters of man-made fibers
15 NO HS Description BASE RATE(%) Category Knitted or crocheted fabrics year Cotton 6 5 year Articles of apparel and clothing accessories year Man-made staple fibers 4 Immediate Impregnated, coated, or laminated textile fabrics Man-made staple fibers 4 Immediate Knitted or crocheted fabrics Articles of apparel and clothing accessories Man-made filaments Headgear and pats of thereof 8 Immediate
16 NO HS Description BASE RATE(%) Category Cotton 0 No tariff Man-made staple fibers year Man-made filaments 8 Immediate Cotton 0 No tariff Articles of apparel and clothing accessories 13 Immediate Man-made staple fibers 2 Immediate Cotton 0 No tariff Wadding, felt and nonwovens 8 Immediate Articles of apparel and clothing accessories 13 Immediate Man-made filaments 8 5
17 Rules of Origin Customs Enforcement The yarn forward rule as the basic rule of origin The KORUS FTA contains some of the most effective customs enforcement provisions Ensuring that apparel made only from US and Korea qualifies for preferential tariff treatment The rule also restricts many Korean suppliers from outsourcing their components to low-cost suppliers * Exceptions on 33 products Viscos rayon, Lyocell, Acrylic, linen etc. Customs enforcement to illegal transshipment of textile and apparel goods X Allowing U.S. customs to conduct unannounced site visits to producers Information sharing system - Register some information to prove origin of producers - Supplier list, product specification, US buyer contact, executives etc.
18 Yarn forward rule Fiber Yarn Fabric Apparel Fiber-forward Yarn-forward Fabric-forward Cut & Sew
19 De Minimis Rule allows for the use of non-originating Fibers and Yarns in the component that determines the tariff classification, up to 7% by weight of the total weight of the component. * Exception for Elastomeric Yarns Treatment of Sets Each of the goods in the set is an originating good or the total value of the non-originating goods in the set does not exceed 10% of the customs value of the set Example If the stripes on this shirt are composed of foreign yarns, the shirt would still qualify as an originating good, as long as the yarns weigh not more than 7%.
20 Exporter Exporter shall maintain a certification for a minimum of 5 years, including -Exported good and all materials -The production of the good -Other documentation as parties may agree to require Importer Importer shall maintain, for a minimum of five (5) years from the date of importation of the good. importer, exporter, or producer may choose to maintain the records in any medium that allows for prompt retrieval, including digital, electronic, optical, magnetic, or written form. Minimum of 5 years
21 Regular Penalties Recordkeeping Penalties 19 U.S.C fraud statute - Underpaid duty + user fees plus interest AND - Negligence - 5% to 20% or 1/2 to 2 times LOR - Gross Negligence - 25% to 40% or 2.5 to 4 times LOR - Fraud - 50% to 80% or 5 to 8 times LOR 19 CFR Part Willfull - $100,000 or 75% of value - Negligence - $10,000 or 40% of value - If entry unliquidated liquidate at the HTSUS column 1 General rate (or at the column 2 rate) - Reopen the last two years of entries and reliquidate as above
22 Prove that the factory exists - Business registration documents - Photos of facility - Rent and utility bills for the period of productions - Factory layout and equipment list Prove Production - Employee timecards and payroll receipts for period of production - Inventory receipts for raw materials - Invoices and proofs of payment for raw materials including import and transportation documents, if appropriate - Factory cutting and sewing records (possibly originals) including subcontract Other Proofs - Proof of direct shipment - Purchase orders/contracts - Export documents - Proof of payment for goods or explanation - Production dates, quantities, colors, sizes must match shipment details
23 1 Overview of the Korean Economy 2 US-Korea FTA 3 Impact on textile and Apparel Industry 4 Introduce of Kotra LA
24 KOTRA Korea Trade-Investment Promotion Agency Trade Promotion/Support Investment Promotion/Support Contact Korea
25 Trade Promotion/Support Sourcing Process One Stop Support Service for Sourcing Opportunity Product Sourcing Market Access Submission of Buying Offer Form Refer to the Buy Korea website Trade Shows, Delegation Support Help Identify Vendors Dir. Sourcing or Joint Production Facilitate Payment through KOPS Resolve buyer grievances Further facilitate communication
26 Investment Promotion/Support Investment Promotion One Stop Administrative Support Service Government agencies Local governments Provision of information and administrative services Investment Opportunities Guidance on investment targeting Seeking of partners Notification of relevant incentives Oversea Investments Info System Resolution of investor grievances Improvement of business and living environment 26
27 KORUS FTA Help Desk provides latest information about the agreement and in dustrial benefits of FTA with further in depth business counseling. Industry experts at KOTRA Los Angeles and external business professional counselors are available to help you with all types of related inquiries. Professional advisors available for the following industries: Tariffs & Customs Science & Technology Legal International Trade Green Industry Accounting Apparel & Textile Media & Contents Financial Market Auto Parts IT Please contact our FTA Help Desk Call Center at (1-855-FTA-DESK) or
28 14 companies from Korea When: Feb Where : MAGIC MARKETPLACE (Las Vegas Convention Center, South Hall 2 nd fl) PROJECT SHOW (Mandalay Bay CC) MAGIC is where the international community of apparel, accessories and footwear professionals trades information, previews trends, builds business and shops fashion unlike anywhere else in the industry.
29 Company Sungshin metal Wash Born Berenice Aioli Nohke J Sono DRS Tee Library AllanJ Enzuvan YongNam engineering KPM Tech. BeAnn international Shinhwasilup Co., Ltd R&D Textile Items Accessories Denim Women s Apparel Women s Apparel Women s Apparel Women s Apparel T-shirt Denim Women s Apparel Accessories Fabric Women s Apparel Hot Pix Fabric
30
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