The Korea Free Trade Agreement Certificate of Origin (KORUS COO) is a document used to certify that the goods being exported from the United States to Korea have originated from the United States, and therefore qualify for preferential treatment under the KORUS free trade agreement.
The KORUS free trade agreement was signed between the United States and the Republic of Korea in 2007 and came into effect in March 2012. This agreement was designed to eliminate barriers to trade between the two countries, reduce tariffs on goods and services, and promote economic growth.
To take advantage of the benefits provided by the KORUS free trade agreement, exporters must be able to demonstrate that their goods comply with the rules of origin outlined in the agreement. This is where the KORUS COO comes into play.
The KORUS COO provides the necessary information to show that goods meet the origin requirements set out in the agreement. It is a legal document that must be completed accurately and signed by an authorized person.
The KORUS COO contains information about the exporter, the importer, the goods being exported, and their origin. The exporter must provide detailed information about the materials used to manufacture the goods, as well as the production process. The document must also include a description of the goods, their value, and the mode of transport used to export them.
Once the KORUS COO has been completed and signed by the exporter, it must be presented to the customs authorities in Korea. The customs authorities will use the information provided in the document to determine whether the goods are eligible for preferential treatment under the KORUS free trade agreement.
It is important to note that the KORUS COO is not a guarantee that the goods will be accepted by the customs authorities in Korea. If the information provided in the document is inaccurate or incomplete, the goods may not be eligible for preferential treatment, and additional tariffs and fees may be applied.
In conclusion, the KORUS COO is a critical document for exporters looking to take advantage of the benefits provided by the KORUS free trade agreement. By carefully completing and submitting the KORUS COO, exporters can ensure that their goods comply with the rules of origin outlined in the agreement, and reduce or eliminate tariffs and fees on their exports to Korea.