(Originally posted on The Hill website).
More heat than light has been generated over the past several months in the national discussion about the U.S.-Korea trade relationship. Free trade agreements have borne the brunt of the criticism, and some of their lesser-known benefits have been ignored. While total U.S. goods and services exports to South Korea have grown since the implementation of the Korea-U.S. Free Trade Agreement (KORUS FTA) by 4.7 percent to $64.9 billion, there is another under-reported fact that demonstrates the deepening economic ties between these two close allies.
Trade is more than just a simple measurement of imports and exports.… Read More
Korea is experiencing a shift in social drinking trends with a move away from high alcohol liquors to beer, which has a lower-alcohol content. Eschewing mass-produced beers, Korean consumers are increasingly seeking beers with a pedigree and an engaging story about how they’re made and who made it, making craft beer very popular. The Korean craft beer movement is thriving, but is still very young relative to other Asian markets that we currently work with. After identifying this growing opportunity, my company, Global Craft, jumped into the Korean market with both feet and is working to fulfill its corporate mission, “to share craft beer products that are handcrafted in small batches with a thirsty world.”
We supply U.S.-made craft beer to five continents and work with 20+ of the finest craft breweries in the United States.… Read More
This month, the U.S. Korea Connect team was privileged to have a chat with international trade compliance expert Diane Divin to learn about the world of trade compliance. For nearly 22 years, Diane served as the manager of global import/export for the Mary Kay. Corporation. There she ran the global import/export team which oversaw all global imports/exports-from raw materials to finished goods to equipment and technology-in over 40 countries. She built the company’s import/export compliance programs, designed training and auditing procedures, managed the use of international trade software systems and ensured compliance procedures were followed. Diane now runs her own consulting firm that helps small and medium enterprises understand the intricacies of trading around the globe.… Read More
In our increasingly globalized marketplace, international trade plays a central role for a country. Free trade agreements like the Korea-U.S. Free Trade Agreement (KORUS FTA) help foster trade, but true success comes when foreign businesses decide to invest in a trading partner. Foreign direct investment (FDI) strengthens relations between nations by deepening economic ties and strengthens the U.S. economy. Recently-released data from the Bureau of Economic Analysis (BEA) shows that the United States is the top destination for FDI and the total dollar amount of FDI in the United States reached a record $3.1 trillion in 2015.
The United States offers many benefits to foreign companies interested in investing here.… Read More
Texas de Brazil opened in 1998 with the vision to create a Brazilian fusion dining experience that nobody had imagined before. Today, we have 35 U.S. locations across 17 states and several international locations that are thriving because of the popularity of this one-of-a-kind cuisine. I was taken by surprise, as one can imagine, when I was approached by Korea’s Sun at Foods a few years ago about opening a franchise in South Korea. Initially, I wasn’t sure how the Brazilian inspired dishes that we serve would appeal to the Korean palette, but after working at length with Sun at Foods, I started to see a connection.… Read More