CBP Publishes Interim Regulation Implementing KORUS Provisions
March 20, 2012
On March 19, 2012, U.S. Customs and Border Protection (CBP) published an interim regulation in the Federal Register to implement customs provisions in the U.S.-Korea Free Trade Agreement (KORUS). The interim regulation took effect March 15, 2012. CBP also called for comments on all aspects of the interim rule. Comments are due by May 18, 2012.
The interim regulation amends 19 CFR Part 10 and Part 24, including adding a new Subpart R to 19 CFR Part 10 in order to provide for KORUS implementation. The amendments in the interim rule address customs issues such as import requirements for claiming KORUS preferential treatment, export certification requirements for U.S. exports to South Korea, KORUS rules of origin, penalty exceptions for KORUS transactions, temporary importations under bond, post-importation duty refunds and importer obligations under KORUS. CBP also recently issued KORUS implementing instructions addressing issues such as origination, transit and transshipment, de minimis provisions, and merchandise processing fee exemptions.
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