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Commercial opportunities for U.S. exporters: Korea s commitments provide U.S. service suppliers with new opportunities and greater assurance of their rights and privileges in the robust Korean market. The U.S.-Korea Trade Agreement will set new, higher standards for addressing regulatory issues and includes a strong financial services chapter which would create a more level playing field for U.S. financial firms in Korea. The trade agreement s services provisions are structure.
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Anticorruption FAQ
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The United States and the Republic of Korea signed the United States-Korea Free Trade Agreement (KORUS FTA) on June 30, 2007. U.S. goods and services trade with Korea, South totaled an estimated $168.6 billion in 2019.
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This comprehensive trade agreement will eliminate tariffs and other barriers to trade in goods and services, promote economic growth, and strengthen economic ties between the United States and Korea. Korea is a $1 trillion economy and is the United States' 7th largest trading partner.
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China remains South Korea's biggest trading partner by a large margin given the scale of Seoul's imports from the world's second-largest economy.
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In particular, the KORUS FTA will: Further open a major market for U.S. exports. ... Level the playing field for American businesses, farmers, and workers. ... Strengthen economic reform. ... Ensure America's competitive position in East Asia. ... Anchor longstanding ties with a vital regional ally.
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U.S. goods and services trade with Korea, South totaled an estimated $224.4 billion in 2022. Exports were $94.4 billion; imports were $130.1 billion. The U.S. goods and services trade deficit with Korea, South was $35.7 billion in 2022.
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The US–Korea Free Trade Agreement In 2006, the United States and South Korea began negotiating the USKorea Free Trade Agreement (KORUS FTA) and initially signed the agreement in June 2007.
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Bilateral Trade by Products There were not main exports from United States to North Korea in 2018. During the last 23 years the exports of United States to North Korea have decreased at an annualized rate of 26.4%, from $4.93M in 1995 to $4.32k in 2018. In 2022, North Korea exported $29.1k to United States.
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The original U.S.-Korea FTA was implemented on March 15, 2012. Prior to that, the average basic tariff on U.S. goods was approximately 7.9 percent and duty rates were high on many high-value agricultural and fisheries products. As of January 1, 2020, 98.8% of U.S. products enter Korea duty-free.
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