On March 13, 2015, the Office of the Unites States Trade Representative (USTR) issued a press release announcing the three-year anniversary of the United States – Republic of Korea Free Trade Agreement (KORUS) and the positive developments and improvements it has established since entering into force on March 15, 2012.
According to the release, “U.S.-Korea goods and services trade has risen from $126.5 billion in 2011 to a record $145.2 billion in 2014. The U.S.-Korea trade and investment relationship is substantially larger and stronger than in 2011, and KORUS has contributed to a strong and successful 2014 for American exporters. The agreement is unlocking opportunity for more Americans, supporting good-paying jobs, and contributing to our record overall exports of $2.35 trillion in 2014.”
Since its founding, the KORUS implemented four rounds of tariff cuts and eliminations. Korea reduced its tariffs on imported U.S. automobiles by 50% and is expected to be eliminate the remainder of its tariffs by January 1, 2016.
The press release can be accessed here
U.S.-Korea FTA Deemed Successful on 3rd Anniversary
Posted by
Julia Gogoll on 3/16/15 4:34 PM
Topics: Uncategorized
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