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Hot Topics Korea-U.S. Free Trade Agreement (KORUS FTA)
Korea-U.S. Free Trade Agreement (KORUS FTA) Print E-mail
Friday, October 14 2011 14:50

On Thursday October 13, 2011 the U.S. Congress approved free-trade agreements with South Korea, Columbia and Panama - the biggest U.S. free-trade agreement since the North American Free Trade Agreement in 1994. According to the U.S. International Trade Commission the reduction of South Korean tariffs will boost American exports by as much as $10-12 billion in the first year in which it is in full effect. The KORUS FTA removes duties on almost two-third of American farm exports and phases out tariffs on more than 95 percent of industrial and consumer exports within five years.

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