This Agreement would eliminate tariffs on over 95 percent of industrial and consumer goods within five years. It will promote the further integration of the U.S. and South Korean economies and enhance the competitiveness of U.S. businesses in the world’s 12th largest economy. Visit USTR's Fact Sheet page to find out how the agreement will specifically benefit your sector.
The United States is already South Korea’s top supplier of agriculture products, including of a broad variety of farm products such as almonds, fresh cherries, hides and skins and corn. The U.S.-South Korea trade agreement creates new opportunities for U.S. farmers, ranchers and food processors seeking to export to South Korea’s 49 million consumers, giving American agricultural producers more market access in two ways – by getting rid of tariffs charged when U.S. exports come into South Korea, and by laying out a framework to tackle other barriers to U.S. exports –even those that might arise in the future. Visit the Department of Agriculture's website to find out how the agreement will benefit your sector.
The U.S-South Korea trade agreement creates new opportunities for U.S. manufacturers seeking to export to South Korea in two ways: first, it eliminates tariffs, or duties, charged when U.S. exports come into South Korea; and it addresses non-tariff barriers to U.S. exports – whether by eliminating barriers that are in place today, or by establishing a framework to prevent non-tariff barriers from arising in the future. Visit the Department of Commerce's website to find out how the agreement will benefit your sector.
Read the full text of the U.S.-South Korea trade agreement, which is an integral part of the President’s efforts to increase opportunities for U.S. businesses, farmers and workers through improved access for their products and services in foreign markets, and supports the President’s National Export Initiative goal of doubling of U.S. exports in 5 years. You can find the Legal Texts reflecting December 3, 2010 Agreement here. You can also find an updated text of the South Korean-language version of the U.S.-South Korea trade agreement here.
Support for the U.S.-South Korea Trade Agreement
Statements of support for the U.S.-South Korea Trade Agreement from various elected officials, the business community, and advocacy groups can be found below.
New Opportunities for U.S. Exporters Under the U.S.-Korea Trade Agreement
The entry into force of the U.S.-Korea trade agreement on March 15, 2012 means countless new opportunities for U.S. exporters to sell more Made-in-America goods, services, and agricultural products to Korean customers – and to support more good jobs here at home. If you’re an American exporter, here are resources to answer your questions about how the U.S.-Korea trade agreement can work for you:
• Check out the FTA Tariff Tool to find out the new tariff levels for your products, and other information about your market access under the agreement.
This agreement will create new opportunities for significantly more exports creating additional jobs for American workers in sectors ranging from delivery services to education and health care services, too.
With the U.S. International Trade Commission (ITC) estimating that the tariff cuts alone in the U.S.-South Korea trade agreement will increase exports of American goods by $10 billion to $11 billion, advancing this agreement will secure the tens of thousands of American jobs supported by those exports – as well as the additional American jobs that will come from by breaking down non-tariff barriers keeping U.S. exports out of South Korea, and by requiring stronger protection and enforcement of intellectual property rights in South Korea.
Small- and medium-sized businesses are the backbone of the U.S. economy, and the primary source of jobs for Americans. These businesses grow faster and hire more workers when they export. The U.S.-South Korea trade agreement will open doors for U.S. businesses to export more, create more jobs, and grow their businesses.
Now more than ever, America’s ability to create jobs here at home depends on our ability to export goods and services to the world. From 1960 to 2010, exports’ share of our country’s gross domestic product – that’s the measure of America’s overall economic output – more than doubled. By 2008 exports supported more than 10 million American jobs, and those are positions that pay well: Americans whose jobs depend on trade earn 13 to 18 percent more than the national average.