Message from the Embassy
Five Years of Success for the KORUS FTA!
On March 15, the Korea-U.S. Free Trade Agreement (KORUS FTA) celebrated its fifth anniversary. Over the past five years, the alliance between our two nations has grown stronger thanks to balanced, bilateral trade, and growing ties between our economies. The KORUS FTA has further opened the Korean market to U.S. goods and services by increasing protections on intellectual property, removing regulations and licensing requirements and reducing or eliminating most tariffs on U.S. products. When the FTA went into force, 80 percent of U.S. exports to Korea of consumer and industrial products became duty free immediately. Today, five years later, nearly 95 percent of bilateral trade in consumer and industrial products are duty free and most remaining tariffs will be eliminated by March 15, 2022. To read more about the 5th anniversary of the KORUS FTA visit our Seoul Source Blog.