Resource Allocation for Tyson Food (NZ) Inc Exports division
The United States and Korea annually exchange nearly $80 billion worth of goods and more than $15 billion in services -- that is more than 70 percent of the total bilateral trade that we enjoy with all 10 trading partners with whom we have implemented FTAs since 2000.
1. Open a major new export market. America’s two-way trade with Korea topped $79 billion in 2006, making Korea our 7th largest trading partner. Korea is the world’s 12th biggest economy and the largest with which the United States has ever negotiated a free trade agreement in nearly 15 years. Major U.S. merchandise exports to Korea include machinery, aircraft, chemicals, plastics and cereals. We also export more than $10 billion worth of services to Korea. According to the U.S. Chamber of Commerce, the U.S.-Korea FTA (KORUS FTA) will further open this major market to American goods – increasing two-way trade by as much as 20 percent. Other sources estimate it could boost U.S. exports to Korea by more than 50 percent. The Agreement will provide particular benefits for U.S. farmers by immediately eliminating Korea’s duties on more than half of current agriculture exports immediately upon entry into force of the FTA.
2. Level the playing field for American businesses, farmers and workers. The KORUS FTA will provide unprecedented opportunities for U.S. businesses, workers, farmers, and ranchers by eliminating . tariffs and non-tariff barriers to trade in goods and services, promoting economic growth in both countries, and enhancing trade between the United States and Korea. In addition to eliminating Korea’s average seven percent tariff on industrial goods, the FTA effectively addresses a wide range of discriminatory non-tariff barriers t ...