Course summary U.S. - South Korea Free Trade Agreement (KORUS FTA):
U.S. - South Korea Free Trade Agreement (KORUS FTA): Approved by US
Congress on October 12, 2011
The U.S. International Trade Commission estimates that the reduction of
Korean tariffs and tariff-rate quotas on goods alone will add $10 billion to $12
billion to annual U.S. Gross Domestic Product and around $10 billion to
annual merchandise exports to Korea.
Korea’s average applied tariff rate on all products is about 12% (as compared to
about 4% for the United States), and its average applied tariff rate on
agricultural goods is 54% (as compared to 9% for the United States). The FTA
will eliminate 95% of these tariffs immediately or within 3 years
Korea is the United States’ 7th largest trading partner and 7th largest
export market.
The United States is the single largest foreign investor in Korea, with
nearly $27 billion in aggregate investment in 2009, and this investment draws
U.S. exports. Korea has invested $12 billion in the United States, as of that
same year, which creates jobs here in the United States.
Example of the course U.S. - South Korea Free Trade Agreement
(KORUS FTA):
For agricultural products, the FTA will immediately eliminate or phase
out tariffs and quotas on a broad range of products, with almost two-thirds (by
value) of Korea's agriculture imports from the United States becoming duty free
upon entry into force.
Korea is an important market for U.S. services in Asia, with trade in
cross-border services exceeding $12 billion in 2009. That trade will expand
significantly with passage of the FTA.
Korea was the 9th largest source of overseas visitors to the United States with
743,846 arrivals in 2009 (14% of the total).
US Free Trade Agreements
- South Korea Free Trade Agreements (FTAs)
Master
International Business for Korean students - Master in International Business (Foreign Trade, Global Marketing and Internationalization) for US Students
Spanish: Comercio Exterior Estados Unidos
Educational level: Continuing education / Executive education programs.
Source: The Office of the United States Trade Representative (USTR)
EENI International Business
