Chile and South Korea have recently restarted negotiations to upgrade the bilateral free trade agreement (FTA), signed in 2003. As of now, several Chilean citrus products are not included under the country’s FTA agreement with South Korea and face significant tariffs.
Currently, the U.S. and Korea have a free trade agreement which allows numerous U.S. citrus products enter Korea with reduced tariff rates. However, if tariffs on Chilean citrus are reduced through negotiations it could increase competition for U.S. exports in South Korea.
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