The U.S.-Korea Free Trade Agreement, commonly known as KORUS, is a bilateral trade agreement signed between the United States and South Korea in 2007. The agreement aims to reduce trade barriers and promote economic cooperation between the two nations. KORUS has been in effect since March 15, 2012, and has had a significant impact on both countries` economies.
A major benefit of KORUS is that it eliminates tariffs on a wide range of goods and services. This has led to an increase in trade between the two countries, which has benefitted both economies. According to the United States Trade Representative, U.S. exports to South Korea have increased by more than 12% since the agreement came into effect.
Additionally, KORUS has created new business opportunities for companies in both countries. The agreement has opened up markets for U.S. businesses in South Korea, allowing them to sell their products and services to a broader audience. Similarly, South Korean businesses can now access the U.S. market more easily, which has helped them to expand their customer base.
One of the most significant impacts of KORUS has been in the automotive industry. The agreement has eliminated tariffs on U.S. auto exports to South Korea, resulting in increased sales for American automakers. According to the U.S. International Trade Commission, U.S. exports of light vehicles to South Korea increased by 48% in the first three years after KORUS came into effect.
For those who are interested in learning more about the U.S.-Korea Free Trade Agreement, there are several resources available online, including the official KORUS agreement PDF. The document outlines the terms of the agreement in detail and provides information about how it affects different sectors of the economy.
In conclusion, the U.S.-Korea Free Trade Agreement has been a positive development for both countries` economies. By eliminating trade barriers and creating new business opportunities, KORUS has helped to promote economic growth and cooperation between the United States and South Korea. For those who are interested in reading more about the agreement, the official KORUS agreement PDF is a valuable resource.