New Opportunities for U.S. Exporters Under the U.S.-Korea Trade Agreement
The entry into force of the U.S.-Korea trade agreement on March 15, 2012 means countless new opportunities for U.S. exporters to sell more Made-in-America goods, services, and agricultural products to Korean customers – and to support more good jobs here at home. If you’re an American exporter, here are resources to answer your questions about how the U.S.-Korea trade agreement can work for you:
• Check out the FTA Tariff Tool to find out the new tariff levels for your products, and other information about your market access under the agreement.
This agreement will create new opportunities for significantly more exports creating additional jobs for American workers in sectors ranging from delivery services to education and health care services, too.
With the U.S. International Trade Commission (ITC) estimating that the tariff cuts alone in the U.S.-South Korea trade agreement will increase exports of American goods by $10 billion to $11 billion, advancing this agreement will secure the tens of thousands of American jobs supported by those exports – as well as the additional American jobs that will come from by breaking down non-tariff barriers keeping U.S. exports out of South Korea, and by requiring stronger protection and enforcement of intellectual property rights in South Korea.
Small- and medium-sized businesses are the backbone of the U.S. economy, and the primary source of jobs for Americans. These businesses grow faster and hire more workers when they export. The U.S.-South Korea trade agreement will open doors for U.S. businesses to export more, create more jobs, and grow their businesses.
Now more than ever, America’s ability to create jobs here at home depends on our ability to export goods and services to the world. From 1960 to 2010, exports’ share of our country’s gross domestic product – that’s the measure of America’s overall economic output – more than doubled. By 2008 exports supported more than 10 million American jobs, and those are positions that pay well: Americans whose jobs depend on trade earn 13 to 18 percent more than the national average.