Benefits of US- South Korea Free Trade Agreement

Benefits of US- South Korea Free Trade Agreement

When we speak of US-Korea (South) Business Ties & Trade the first thing that comes into mind would be the famous U.S.-Korea Free Trade Agreement which was signed by the U.S. and Korean regime 3 years ago, June 30, 2007 to be exact. This is said to be the most significant U.S. trade deal in more than a decade, commercially wise. It brought several important economic benefits and opportunities to the United States, specifically on its businesses, farmers and workers. The said agreement immediately opened new access for U.S. goods and services in Korea which is undeniably one of the world's biggest and most flourishing economies. A boost in the U.S. exports to and investment in Korea due to an open and competitive Korean market was then able to generate new jobs and secure economic growth in the U.S. which is still true up to these days.

How that was made possible? Let's dig in deeper. The U.S.-Korea Free Trade Agreement was the one responsible for the removal of high tariffs and complicated regulatory barriers in Korea. This gave U.S. farmers, manufacturers and service providers an unbiased environment to compete and succeed in Korea. This boosted and encouraged the growth of new jobs for every expanded trade and investment sealed between these two business giants. The U.S.-Korea FTA has successfully set the bar higher for future trade pacts.

In recent years, Korea has made significant strides to liberate its foreign investment governance wherein most of the senior Korean officials have come to support an increasing flow of foreign direct investment (FDI). The Korean government has to ensure that its positive message on FDI is matched by actions that reaffirm to investors that Korean laws and regulations are driven by rule of law rather than public emotion. This U.S.-Korea Free Trade Agreement is an unprecedented opportunity to level the playing field in Korea where in foreign investors are treated in the same manner as how domestic companies are treated once established in the Korean market. The reason behind is pretty obvious, which is again for them to be able to compete on a level playing field.

The U.S.-Korea Free Trade Agreement was indeed, a significant U.S. economic and foreign policy success. Through the intensified economic links of these two countries, the agreement has brought a new level of energy and vitality to the overall U.S.-Korea hook-up collaboration, which is critical for local and global stability. And by giving U.S. businesses an advantage over competitors from across the globe in Korea's market, the agreement will ensure that the United States not only remains competitive in Korea but is a critical part of Asia's rapid market integration.

Need to translate version of this article? Please visit Korean Translation we provide reliable Korean to English and English to Korean translations. For more information about Korea please read Korean facts and culture.

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