U.S.-Korea Free Trade Agreement
On February 2, 2006, the U.S. Trade Representative announced its intent to negotiate a free trade agreement (FTA) with the Korea (Korea). On April 1, 2007, the United States and Korea concluded this historic FTA. At this time, the KORUS FTA, as this FTA is known, is currently not in force. It will need to be cleared through both countries’ legislatures prior to being fully implemented by both countries.
Why the KORUS FTA?
The KORUS FTA is a comprehensive trade agreement that will eliminate tariffs and other barriers to trade in goods and services, promote economic growth, and strengthen economic ties between the United States and Korea. The KORUS FTA is the most commercially significant FTA for the United States since NAFTA. Korea is a $1 trillion economy and the 7th largest U.S. trading partner. Within the first three years after implementing the KORUS FTA, 95 percent of consumer and industrial products will become duty-free. The remaining tariffs will be eliminated within 10 years. This FTA will benefit farmers and ranchers by immediately eliminating duties on more than half of current U.S. farm exports to Korea on the date the FTA enters into force.
About the U.S.-Korea Free Trade Agreement