USTR - Fact Sheet,45/10en-usFACT SHEET: U.S.-Korea Agreement 2nd AnniversaryTWO YEARS OF ENHANCED OPPORTUNITIES:  THE U.S.-KOREA FREE TRADE AGREEMENT of the U.S.-Korea FTA The United States and the Republic of Korea signed a bilateral free trade agreement on June 30, 2007.  This comprehensive trade agreement 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. Agenda with Japan Yields ResultsThe United States remains actively engaged with Japan on a broad agenda of regulatory and related reforms to further open Japan 's market and help spur greater economic growth and competition through new commercial opportunities and improvements to Japan's business environment.The focal point for this intensive engagement has been the U.S.-Japan Regulatory Reform and Competition Policy Initiative (Regulatory Reform Initiative), launched in mid-2001 and now in its eighth year.