ITC: U.S.-KOREA FREE TRADE AGREEMENT WOULD BOOST BILATERAL TRADE
A study by the U.S. International Trade Commission concluded that a U.S.-Korea free trade agreement would result in increased bilateral trade between the countries, especially in agriculture, textiles, apparel, and leather goods.
The study, U.S.-Korea FTA: The Economic Impact of Establishing a Free Trade Agreement Between the United States and the Republic of Korea, was produced by the ITC for the U.S. Senate Finance Committee.
A U.S.-Korea free trade agreement would likely increase U.S. exports to Korea by 54 percent ($19 billion) and U.S. imports from Korea by 21 percent ($10 billion), the study said.
“U.S. industry has identified the Korean regulatory regime as the greatest barrier to U.S. exports in Korea, and Korean products and safety standards, pharmaceutical testing requirements, and labeling negatively affect foreign firms’ ability to sell goods and services in Korea,” the ITC said.