Over the past years, free trade agreements have proven to be one of the most effective ways to open up foreign markets for businesses looking to export overseas. Trade agreements help reduce barriers for these businesses and eliminate costly tariffs on imports. The creation of more transparent trading promoted by free trade agreements also contributes to an easier environment for the exporting of goods and services. This past week, the United States-Korea Free Trade Agreement entered into full force, creating many opportunities for increased trade between the two countries.
As a result of the trade agreement, over 80 percent of United States industrial exports to South Korea are duty-free, requiring no tariff payment. Many agricultural products will also be duty free including many key products such as corn, wheat, and soybeans. Additionally, American companies now have access to Korea’s $580 billion services market. Overall, the United States-Korea Free Trade agreement offers countless business opportunities for both countries. To learn more about industry specific business opportunities and how to take advantage of the newly implemented free trade agreement, please visit the Export.gov website!