Starting with the Theodore Roosevelt government, the United States has become an important player in international trade, particularly with its neighboring territories in the Caribbean and Latin America. Today, the United States has become a leader in the free trade movement and supports groups such as the General Agreement on Tariffs and Trade (later the World Trade Organization). [Citation required] All Trade Statistics of Foreign Trade – U.S. Census Bureau. The United States has free trade agreements with 20 countries. These free trade agreements are based on the WTO agreement, with broader and stronger disciplines than those of the WTO. Many of our free trade agreements are bilateral agreements between two governments. But some, such as the North American Free Trade Agreement and the Dominican Republic-Central America-U.S. Free Trade Agreement, are multilateral agreements between several parties. Why should you take care of it? The United States has negotiated trade agreements with 20 countries to facilitate the cross-border movement of goods, where your customer is located.
Access to FREI trade agreements means gaining a competitive advantage. The United States began negotiating bilateral and multilateral free trade agreements with countries and the following blocs: The Nafta of the North American Free Trade Agreement (NAFTA) came into force on January 1, 1994. NAFTA exports support more than three million U.S. jobs. In the first ten years of NAFTA, merchandise trade between the three countries more than doubled from some $293 billion in 1993 to nearly $627 billion in 2003. In 2016, merchandise trade between the United States and NAFTA`s two trading partners totaled nearly $800 billion. USTR NAFTA Page – The United States is a party to many free trade agreements around the world. Check out expert responses to common questions from U.S. exporters about the benefits of free trade agreements. South Korea-USA The Free Trade Agreement (KORUS-FTA) came into force on 15 March 2012.
Korea is the sixth largest trading partner of the United States with a value of approximately $84.3 billion in 2016. U.S. exports to Korea were estimated at $30.7 billion, while Korean imports totalled $53.5 billion this year. USTR South Korea FTA Page” USTR is the lead manager of U.S. trade agreements. These include monitoring the implementation of trade agreements with the United States by our trading partners, the application of U.S. rights under those agreements, and the negotiation and signing of trade agreements that advance the President`s trade policy.