Korea Free Trade Agreement Countries

The Korea Free Trade Agreement (KORUS) is a free trade agreement between the United States and South Korea that was implemented in March 2012. It aims to improve trade relations between the two countries by reducing tariffs on goods and services and increasing the flow of investment between them.

As part of the KORUS agreement, both countries agreed to gradually reduce tariffs on a wide range of goods and services, including automobiles, electronics, and agricultural products. This has helped to increase trade between the two nations, which was valued at $84.3 billion in 2019.

Since the implementation of the KORUS agreement, South Korea has become an important trading partner for the United States. In fact, it is currently the United States` sixth-largest trading partner, behind Canada, Mexico, China, Japan, and Germany.

In addition to the United States, South Korea has free trade agreements with several other countries, including Canada, Australia, New Zealand, and the European Union. These agreements have helped to open up new markets for South Korean goods and services and have increased trade between South Korea and these countries.

One notable agreement is the South Korea–China Free Trade Agreement (FTA), which was implemented in December 2015. The agreement aims to eliminate tariffs on more than 90% of goods traded between the two countries within 20 years, which will further increase trade between the two Asian nations.

South Korea also has FTAs with several ASEAN countries, including Vietnam, Singapore, and Indonesia. These agreements have greatly benefited South Korean companies by opening up new markets for their products and services and have increased trade between South Korea and these countries.

In conclusion, the KORUS agreement has been a success in improving trade relations between the United States and South Korea. It has helped to increase trade between the two nations and has opened up new opportunities for businesses on both sides of the Pacific. Furthermore, South Korea`s FTAs with other countries have also helped to increase trade and have opened up new markets for South Korean goods and services.