The United States has begun negotiating bilateral and multilateral free trade agreements with the following countries and blocs: South Korea, Korea and the United States. 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” Detailed descriptions and texts of many U.S. trade agreements can be viewed left via the Resource Center. Australia The U.S.-Australia Free Trade Agreement came into force on January 1, 2005. Since then, the United States has maintained a trade surplus of $9.3 billion in 2016.
In the same year, the United States exported $16.6 billion worth of goods and imported $7.3 billion in Australian products. USTR Australia FTA Page “Another important type of trade agreement is the Trade and Investment Framework Agreement. TIFA provides a framework for governments to discuss and resolve trade and investment issues at an early stage. These arrangements are also a means of identifying and working, if necessary, for capacity building. 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. The USTR NAFTA Page” Starting with the Theodore Roosevelt government, the United States has become an important player in international trade, particularly with its neighboring regions of 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] USTR is primarily responsible for the management 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. The United States is a party to many free trade agreements around the world. Peru The trade promotion agreement between the United States and Peru was signed in December 2007. Since then, the United States has maintained a large trade surplus with Peru. U.S. exports to Peru increased 43 percent in 2016 to $5.9 billion, while Peruvian imports were $4.3 billion. USTR Peru FTA Page” The United States has implemented 14 trade agreements with a total of 20 countries. Morocco Since the implementation of the free trade agreement between the United States and Morocco in January 2006, the United States has maintained a trade surplus with Morocco. In 2016, U.S.
exports to Morocco increased 269 percent to $1.2 billion, while U.S. imports from Morocco were $788 million. USTR USA-MAROC FTA Page. The United States is a member of the World Trade Organization (WTO) and the Marrakesh Agreement establishing the World Trade Organization (WTO ACCORD) establishes rules for trade among the 154 members of the WTO. The United States and other WTO members are currently participating in the WTO negotiations on development in Doha and a strong and open Doha agreement on both goods and services would go a long way in managing the global economic crisis and restoring the role of trade in promoting economic growth and development. Bahrain Since its implementation in August 2006, the free trade agreement between the United States and Bahrain has increased the