U.S. – Korea Free Trade Agreement Yields Strong Results
- General News
On the second anniversary of the U.S. – Republic of Korea Free Trade Agreement (KORUS), the results are strong. In addition to providing new opportunities for American businesses and workers, exports of agriculture to Korea have greatly increased.
Three rounds of tariff cuts and eliminations have occurred since the agreement was entered into force in March 2012. Over two-thirds of U.S. agricultural exports now enter Korea duty free. By January 1, 2016, Korean tariffs on greater than 95 percent of U.S. industrial and consumer goods exports to Korea will have been eliminated. Key agricultural products that benefit from reduced tariffs under KORUS, including soybean oil, have dramatically increased.