If tariffs were keeping you from expanding business into South Korea, we have great news for you!
On March 15, 2012, the U.S.-Korea Free Trade Agreement (KORUS) went into effect, removing tariffs on popular exported Washington products such as fruit, wine and wheat (Source article).
This is good news for Washington state, as a Seattle Times columnist explained. As stated in the article, Korea is Washington’s fourth-largest trade partner, so the implementation of an FTA can greatly increase the ease and lower the cost of exporting to the country.
What should you think about before exporting? Translation and localization of course! Yes, we’re biased, but don’t dismiss the idea so soon.
Once potential consumers have been determined, marketing, packaging and product labels should be localized to better connect with them. Spending the time and money to export goods won’t do much if the products don’t appeal to the new consumers.
KORUS joins the United States’ 12 other free trade agreements. A U.S.-Panama Trade Promotion Agreement (TPA) is pending.
[Photo by Marcel Goldsein]
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