Just a couple of months ago, we celebrated the one-year anniversary of the KORUS FTA’s passage in the United States and Korea. On March 15, 2013, we’ll celebrate the one-year anniversary of its implementation. The first year of free trade between the U.S. and Korea saw tremendous progress.
- For U.S. farmers, agricultural exports are a particularly bright spot, having increased by as much as 82 percent. Leaders promoting trade in states like Washington and Georgia helped local farmers and small businesses connect to Korea’s 50 million consumers and its $1 trillion economy in 2012.
- U.S. law firms are another major beneficiary of the KORUS FTA. Expanding into Korea, they have begun assisting Korean companies and individuals in the areas of international and U.S. law. Read what U.S. law firms are saying about the opportunities in Korea.
- The wine industry was a KORUS FTA superstar in 2012. Implementation of the FTA eliminated the 15 percent tariff that had previously existed on U.S. wines, lowering prices and increasing options for Korean consumers. Read more here.
The list goes on and on. The abounding success stories show that trade works. They offer inspiration and insights for small business owners in the U.S. and Korea. Take a look at some of the businesses finding success through international trade with Korea.
In 2013, the KORUS FTA will deliver new benefits to U.S. and Korean companies. Several areas are ripe for growth this year:
- U.S. chemical manufacturers are well positioned to take advantage of improved market access in Korea and the elimination of tariffs in 2013. These reductions will drive competition and allow firms to reinvest in technology and product improvements.
- Plastics companies will benefit from a reduction in tariffs on a number of items including silicones and cellulose acetates.
- Manufacturing and machinery companies will also see additional tariff reductions and eliminations in 2013. Internal combustion piston engines, pumps for liquids and static converters are just a few of the many items that will become more competitive for U.S. companies this year.
We’re proud of the amazing successes we’ve seen under the KORUS FTA in 2012. Our next post will take a look at our new Trade Works book, packed with case studies of U.S. businesses expanding into the Korean market. If you’re looking for a business advantage under the KORUS FTA, be sure to join our Business Connect network. We’ll provide you with regular updates, the newest figures and insights surrounding U.S.-Korea trade. Your business could be the next KORUS FTA success story!