On Friday, Oct. 22, 2011, President Barack Obama signed into law the long-awaited Free Trade Agreements (FTAs) with Panama, Colombia, and South Korea. As expected, the implementing language of the U.S.—South Korea FTA also includes a general increase in the Merchandise Processing Fees for all formal entry imports. While all of these bills have now become law in the U.S., the FTAs must now proceed to the implementation stage where the partner countries will negotiate and attempt to meet the obligations laid out in the agreements before the FTAs take effect.

Source: Customs & International Trade Alert
Leave Drinker Biddle to Learn More