1. The Republic of Korea and the United States have agreed to bring the Free Trade Agreement between Korea and the United States (KORUS FTA) into force on March 15, 2012.

° The agreement was reached upon the completion of the KORUS FTA implementation-related consultations, which took place following the completion of the domestic procedures for the ratification of the KORUS FTA (October 12, 2011 in the US and November 22, 2011 in the ROK).

° On February 21 at 18:00 in Seoul, the two countries exchanged diplomatic notes, through which they notified each other that their respective applicable legal requirements and procedures had been completed and agreed that the KORUS FTA will enter into force on March 15, 2012, pursuant to Article 24.5.1 of the KORUS FTA.

* Article 24.5.1 of the KORUS FTA: “This Agreement shall enter into force 60 days after the date the Parties exchange written notifications certifying that they have completed their respective applicable legal requirements and procedures or on such other date as the Parties may agree.”

° A briefing is scheduled for February 22 for MOFAT correspondents by MOFAT’s Deputy Minister for FTA Choi Seok-young on the outcome of the said consultations.

2. Prior to the entry into force of the KORUS FTA, the ROK and the US will take appropriate administrative steps to proclaim the KORUS FTA, pursuant to the respective domestic laws.

° The ROK plans to publish the KORUS FTA in its official gazette before its entry into force, as required by its domestic law. 

° The US will issue a presidential proclamation and introduce relevant administrative measures.

3. The FTA with the US, the world’s largest market and one of the ROK’s key trading partners, when effectuated, is expected to serve as a significant pillar in the FTA hub strategy of the ROK along with the Korea-EU FTA in force since July 2011.

4. The ROK government plans to prepare necessary administrative policies to help its people and companies reap as much benefit as possible from the KORUS FTA after it enters into force. It will also make the best effort for seamless implementation of the additional assistance package, which was announced earlier this year.

                                    Spokesperson and Deputy Minister for Public Relations of MOFAT

* unofficial translation