25 June 2009 - #21
U.S. and Korea Sign MOU; Vietnam, Thailand Agree on Direct Trade, Transportation
U.S. and Korea Sign Memorandum of Understanding
On June 15, 2009, U.S. Commerce Secretary Gary Locke met with Korean Minister of Knowledge Economy Lee Youn Ho and signed a Memorandum of Understanding (MOU).
According to the press release, the support was expressed for the removal of trade barriers and the progression of the U.S. - Korea Free Trade Agreement (KORUS FTA) which, as agreed upon by both parties, "has the potential to provide significant benefits to manufacturers, service providers, farmers, ranchers and workers both in the United States and in Korea."
The MOU outlines trade and investment, high technology and strategic trade, and standards and research and development as areas for commercial cooperation between the two nations.
The full text of the press release can be accessed online at:
http://www.commerce.gov/NewsRoom/PressReleases_FactSheets/PROD01_008092
Vietnam and Thailand Agree on Direct Trade, Transportation
Vietnam Shipping News reported on June 12, 2009 that Vietnam and Thailand have implemented a regional customs transit system and the exchange of national traffic laws between the two countries and Laos.
Commercial trucks from Vietnam and Thailand traveling along the East-West Economic Corridor – which runs from Danang in Vietnam through Laos’ Savannakhet and into Thailand - can now deliver and pick up goods directly without unloading and reloading in Laos. Government officials and customs officers anticipate that this agreement will reduce transport costs as well as overland transport time and boost economic development and trade.
Under the Cross Border Trucking Agreement, permits have initially been granted to 1,200 commercial vehicles, 400 in each country. In addition, certain goods will be able to be certified as "low risk", allowing them to be fast tracked at border-crossing check points. In addition, roads and bridges in Vietnam and Laos will be upgraded.
Expeditors' Newsflash articles are compiled from a number of public sources that, to the best of Expeditors' knowledge, are true and correct. It is our intent to present only accurate information. However, in the event any information contained herein is erroneous, Expeditors International of Washington, Inc. accepts no liability or responsibility. |
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