U.S. job creation has been strong since 2009, when U.S. unemployment topped 10 percent. Exports have played a major role in driving job creation and stimulating the U.S. economy. Free trade agreements like the Korea – U.S. Free Trade Agreement (KORUS FTA) foster a robust export market for U.S. goods and services across industries, and in turn create American jobs. Export of goods is responsible for 6.7 million jobs in the United States and trade with the United States’ free trade agreement partners creates a whopping 46 percent of those jobs. Thanks to the KORUS FTA, in 2015 Korea alone supported 358,000 American jobs through trade in goods and services.… Read More
As World Trade Organization Director-General Roberto Azevêdo so rightly said recently, “You have to speak up for trade.” When you look at the data, the United States-Korea Free Trade Agreement (KORUS FTA) is an agreement that should be applauded as we approach Year Five since implementation.
BCIU was honored today to host before our diverse corporate membership, the Ambassador of the Republic of Korea to the United States Ahn Ho-Young. His Excellency discussed the need to maintain and strengthen the benefits of bilateral trade and investment and underscored the tangible benefits that KORUS provides to both Korea and the United States.… Read More
The U.S. manufacturing sector has experienced incredible change over the past few decades. Automation, technology, new-found efficiencies, and increased labor costs have dramatically transformed the U.S. manufacturing landscape. Counter to what you have heard in the U.S. presidential campaign this year, U.S. manufacturing is healthy and growing. According to a 2014 Brookings Institution study, over the past 50 years, industrial production has grown at the same rate or even faster than the U.S. economy as a whole. In addition, a large portion of the goods produced in the U.S. are being exported overseas. Free trade agreements are an important tool for opening new markets and the United States enjoyed a $12.7 billion manufacturing trade surplus with its trade agreement partners in 2015, compared with a $639.6 billion deficit with countries without trade agreements.… Read More
(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