Korea Free Trade Agreement Article 6.1

The Korea Free Trade Agreement (KORUS) between the United States and South Korea was implemented in 2012. One important aspect of the agreement is Article 6.1, which pertains to the treatment of digital products and services.

Article 6.1 states that digital products, such as software, music, and e-books, should be treated the same as physical products in terms of trade regulations. This means that tariffs and other trade barriers should not be imposed on digital products.

Additionally, Article 6.1 recognizes that digital services, such as online advertising and cloud computing, are becoming increasingly important to international trade. The agreement commits both the United States and South Korea to ensure fair and open access to digital services for businesses in both countries.

The inclusion of Article 6.1 in the KORUS agreement is a significant step towards modernizing international trade regulations for the digital age. It recognizes the importance of digital products and services in today`s global economy and ensures that they are treated fairly in terms of trade regulations.

As a professional, it is important to note the potential impact of Article 6.1 on businesses that operate in the digital realm. By eliminating trade barriers and ensuring fair access to digital services, the KORUS agreement creates new opportunities for businesses to expand their reach and compete in the global marketplace.

In conclusion, Article 6.1 of the Korea Free Trade Agreement is a vital provision for ensuring fair and open trade of digital products and services between the United States and South Korea. As the global economy continues to move towards digitalization, this agreement serves as a model for modernizing international trade regulations and creating new opportunities for businesses in the digital age.