The US Korea Free Trade Agreement (KORUS FTA) is a comprehensive trade agreement that was implemented in 2012 between the United States and South Korea. This agreement has opened up many opportunities for businesses in both countries to expand their markets and increase their profits. One of the key aspects of the KORUS FTA is the Certificate of Origin (COO) requirement, which is a document that shows where a product was made and confirms that it is eligible for preferential treatment under the agreement.

The COO form is an essential document that must be completed for any shipment that is being exported from the United States to South Korea or vice versa. The purpose of the form is to demonstrate that the goods being shipped are “originating goods” and meet the rules of origin criteria under the KORUS FTA. This is important because it determines the duty rates that will be applied to the imported goods. If the goods do not meet the rules of origin criteria, they may be subject to higher duty rates or even denied entry into the country.

The COO form itself is relatively straightforward. It requires basic information about the exporter and importer, a description of the goods being shipped, and a declaration that the goods meet the rules of origin requirements. The form also requires a signature from the exporter or their authorized representative.

While the form itself is simple, it is important to ensure that it is filled out correctly. Incorrect or incomplete information can lead to delays in customs clearance or even rejection of the shipment. It is also important to keep accurate records of the COO forms for future reference.

Overall, the COO form is a critical component of the US Korea Free Trade Agreement. It is important for businesses to understand the requirements and ensure that they are completing the form accurately. By doing so, they can take advantage of the preferential treatment under the agreement and expand their markets in both countries.