Us Korea Trade Agreement Text

The United States-Korea Free Trade Agreement (KORUS), also known as the US-Korea Trade Agreement Text, was signed on June 30, 2007, and went into effect on March 15, 2012. This agreement was negotiated with the aim of boosting economic ties between the United States and South Korea, and to promote free trade between the two nations.

The KORUS agreement is considered one of the most significant bilateral free trade agreements the United States has ever negotiated. It is also the second-largest trade agreement that the United States is a party to, after the North American Free Trade Agreement (NAFTA).

The US-Korea Trade Agreement Text covers a wide range of industries, including manufacturing, agriculture, and services. It eliminates tariffs on a significant number of products and services traded between the United States and South Korea, creating new opportunities for American exports and job creation.

One of the key benefits of the KORUS agreement is that it provides American businesses with greater access to the Korean market. This means that American companies can sell their products in South Korea without being subjected to tariffs, which can make their goods more affordable and competitive in the Korean market.

The US-Korea Trade Agreement Text also provides protection for American investors in South Korea. This means that American companies can invest in South Korea without being subjected to discriminatory treatment or forced to transfer proprietary technology.

The KORUS agreement has also been credited with boosting trade between the United States and South Korea. Since the agreement went into effect, the total trade between the two nations has increased by over 12%, with American exports to South Korea increasing by over 50%.

However, the KORUS agreement has also faced criticism from some quarters. Critics argue that the agreement has led to job losses in certain sectors in the United States, particularly in the automotive industry.

Despite these concerns, the KORUS agreement remains a significant trade agreement for the United States. As the world becomes increasingly interconnected, agreements like KORUS will play an important role in promoting free trade and boosting economic growth around the world.