According to the U.S. Department of Commerce International Trade Administration, more than 70 percent of the world’s purchasing power is located outside of the United States. Therefore, expanding into overseas markets may offer many new opportunities for American businesses. Small and medium-sized companies account for 98 percent of U.S. exporters. On average, businesses that export are more profitable, see faster growth and their employees earn more money than non-exporting companies. Free trade agreements, like the Korea-U.S. Free Trade Agreement (KORUS FTA) help make U.S. goods even more competitive overseas by allowing more exchange of goods and services at lower prices from decreased tariffs.… Read More
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