Interviews
Portman negotiates for largest tariff free trade pact with South Korea
03 Feb '06
3 min read
The Republic of Korea is a valuable partner in the ongoing global trade negotiations, commonly known as the Doha Development Agenda. Korea also was instrumental in advancing trade liberalization in the Asia-Pacific region as the host of the Asia Pacific Economic Cooperation (APEC) forum last year.
Two-way goods trade between the US and Korea was valued at about $72 billion in 2005. Major U.S. exports to Korea include agriculture products, aircraft, machinery, and organic chemicals. Major imports include cars, telecommunications equipment and electrical machinery.
Over the past ten years, despite the Asian financial crisis, Korea has maintained a strong real average annual GDP growth rate of 4.9 percent and an even stronger real average annual trade growth rate of 12.5 percent. It has also taken a series of important steps to open and reform its economy that continue to this day. An FTA with Korea will help promote continued economic reform in Korea.
The United States is aggressively working to open markets globally, regionally and bilaterally and to expand American opportunities in overseas markets.
Two-way goods trade between the US and Korea was valued at about $72 billion in 2005. Major U.S. exports to Korea include agriculture products, aircraft, machinery, and organic chemicals. Major imports include cars, telecommunications equipment and electrical machinery.
Over the past ten years, despite the Asian financial crisis, Korea has maintained a strong real average annual GDP growth rate of 4.9 percent and an even stronger real average annual trade growth rate of 12.5 percent. It has also taken a series of important steps to open and reform its economy that continue to this day. An FTA with Korea will help promote continued economic reform in Korea.
The United States is aggressively working to open markets globally, regionally and bilaterally and to expand American opportunities in overseas markets.
United States Trade Representative
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