Korean to English Legal Translation Services
If you’re looking to export, Korea might be a country to consider. Cultural and language barriers, however, can be a major impediment . Consider enlisting services of a legal English into Korean and Korean into English translation company early in the process.
Over the past 50 years, the Korean economy has been completely transformed, going from one of the poorest in the world to being considered among the world’s largest economies and a member of the G-20. It has the 15th largest GDP in the world and is the 12th largest purchasing power. The country’s per capita income is around $23,000. South Korea is also technologically advanced with a highly educated workforce.
Due to the United States-Korea Free Trade Agreement, trade with Korea is easy. Signed in 2007, the agreement was specifically designed to create a level playing field between U.S. and Korean auto manufacturers. Congress ratified the agreement in 2011 and the Korean Legislature quickly followed suit.
Under the agreement, almost 80 percent of U.S. exports to Korea became duty free in 2012. By 2015, nearly 95 percent of items traded from the United States into Korea will be duty free. Eventually, most remaining tariffs will be eliminated.
After the United States and Korea ratified the free trade agreement, many companies rushed to export goods from the United States. But direct trade with Korea is not a simple process. The country has a complicated shipping system and middlemen – all who speak and work in Korean and thus require professional foreign language translation.
While it may seem like the country is open to free trade, Korea has basically blocked importation of several specific items, mainly agriculture goods. For example, the Koreans have delayed opening their markets to rice imports. Talks about Korea reducing tariffs on the importation of rice began in the 1990s, but no agreement has been reached.
The Koreans also place restrictions on the pricing and reimbursement for the purchase of pharmaceuticals, and procurement of legal and professional services. Ford has openly complained about the trade agreement with Korea, saying it has actually hurt rather then helped trade. The company has been exporting to Korea since the mid-1990s and sells less than 10,000 vehicles per year.
When you engage the services of a professional translation company when doing business in Korea, you’ll have the peace of mind knowing that your message will be understood by the Koreans they way it was intended.