New Trade Legislation — Opportunities And Challenges

Law360, New York (November 3, 2011, 1:05 PM EDT) -- Marking a major trade policy victory, on Oct. 21, 2011, President Barack Obama signed legislation to implement free trade agreements ("FTAs") with South Korea, Panama and Colombia that were originally negotiated during the Bush administration.

He concurrently signed a bill that retroactively extended the Generalized System of Preferences, renewed the Trade Adjustment Assistance programs, and raised the merchandise processing fee assessed on the value of each entry by 60 percent. The following is a brief overview of the key legislation enacted.

Free Trade Agreements

Despite the implementing legislation having been signed, the three FTAs will not take effect until two additional...

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