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Textile makers to get benefits from US-Korea FTA
03 Apr '07
3 min read
The United States and the Republic of Korea, April 1, successfully concluded a free trade agreement that will create economic opportunities for their people and enhance their economic and strategic partnership.
“This is a historic moment for our two countries. The United States-Korea Free Trade Agreement (KORUS FTA) will provide U.S. farmers, ranchers, manufacturers, and service providers exciting new market opportunities in a growing, dynamic country. It will contribute to Korea's successful transformation to a 21st century economic power," said U.S. Trade Representative Susan C. Schwab.
"The completion of this landmark agreement is testimony to the industriousness, creativity and determination of our two peoples. It demonstrates that two countries with large, complex economies and robust public involvement in policy debates can work through great challenges to build stronger trade and investment ties."
The KORUS-FTA represents the United States' most commercially significant FTA in over a decade. The Republic of Korea is the world's tenth largest economy, with a GDP of nearly $1 trillion. Korea is already the United States.
Agriculture:
Historically, Korea has been one of the most protected agricultural markets in the world. The KORUS FTA will create highly valuable new export opportunities for American farmers and ranchers by eliminating and phasing out tariffs and quotas on a broad range of products. Under the agreement, over $1 billion worth of U.S. farm exports to Korea will become duty-free immediately. Most remaining tariffs and quotas will be phased out over the first ten years the agreement is in force.
“This is a historic moment for our two countries. The United States-Korea Free Trade Agreement (KORUS FTA) will provide U.S. farmers, ranchers, manufacturers, and service providers exciting new market opportunities in a growing, dynamic country. It will contribute to Korea's successful transformation to a 21st century economic power," said U.S. Trade Representative Susan C. Schwab.
"The completion of this landmark agreement is testimony to the industriousness, creativity and determination of our two peoples. It demonstrates that two countries with large, complex economies and robust public involvement in policy debates can work through great challenges to build stronger trade and investment ties."
The KORUS-FTA represents the United States' most commercially significant FTA in over a decade. The Republic of Korea is the world's tenth largest economy, with a GDP of nearly $1 trillion. Korea is already the United States.
Agriculture:
Historically, Korea has been one of the most protected agricultural markets in the world. The KORUS FTA will create highly valuable new export opportunities for American farmers and ranchers by eliminating and phasing out tariffs and quotas on a broad range of products. Under the agreement, over $1 billion worth of U.S. farm exports to Korea will become duty-free immediately. Most remaining tariffs and quotas will be phased out over the first ten years the agreement is in force.
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