The U.S.-Korea Free Trade Agreement (KORUS) entered into force on March 15, 2012. As written, it is the United States’ strongest, most up-to-date free trade agreement. It is expanding opportunities, creating American jobs, and paving the way for substantial Korean investment in the U.S. KORUS remains one of America’s only free trade agreements in the increasingly competitive Asia-Pacific region and serves as the economic foundation for relations with one of our most important strategic allies and 6th largest trading partner.
The KORUS agreement is working. The U.S. will hit record levels of exports to Korea in 2017 and the trade deficit is decreasing.
“KORUS has been an economic boon to both countries.”
“KORUS has been broadly beneficial since it came into effect. Trade between the two countries has expanded significantly, IP protections have been bolstered… and a crucial strategic alliance has been strengthened.”
“KORUS remains a key cornerstone of U.S. economic and strategic engagement in the Asia-Pacific region.”
“Scrapping KORUS and starting over would put progress at risk, and it would put U.S. exports at a disadvantage.”
– Myron Brilliant, Executive Vice President and Head of International Affairs, U.S. Chamber of Commerce
“It’s difficult to imagine a move that would bring more self-harm to our economy and national security, than withdrawing from KORUS.”
KORUS is a key part of the United States’ economic and national security strategies in Asia:
> Supports $120 billion in annual trade with South Korea
> Provides over 400,000 American jobs
> Acts as a facilitator of Korean investment into local U.S. communities
KORUS is a soft-power tool that the United States can draw on as we try to navigate complex security dynamics in Asia. Whether we are trying to influence unfair trade practices in the region, or empowering a key ally, KORUS is part of the solution.
KORUS is helping America. Let’s keep it that way.
Sources: The Trade Partnership, U.S. Bureau of Economic Analysis
As the U.S. and Korean governments continue discussions to “amend and modify” the US-Korea Free Trade Agreement (KORUS), it is important to put into perspective what an important and far-reaching agreement this is. KORUS is often referred to as the “Gold Standard” of U.S.
World leaders gathered last week in Davos, Switzerland, for the annual World Economic Forum, where evidence of the realities and opportunities of our global economy were on full display. President Trump attended the forum and heard from many leaders eager to do business with America.
President Donald Trump spent the past two weeks in Asia reassuring our partners of our commitment to the region, promoting U.S. exports of defense and energy products, and working with regional powers to manage security challenges posed by North Korea.
On October 11, 2017 the U.S. Chamber’s U.S.-Korea Business Council and the Korea-U.S. Business Council issued a joint statement following the annual joint plenary meeting of the two councils. The joint statement reaffirms their commitment to KORUS and continued economic cooperation between the two nations.
WASHINGTON, D.C. — U.S. Chamber President and CEO Thomas J. Donohue issued the following statement in response to reports that the Trump administration is considering withdrawing from the U.S.-South Korea Free Trade Agreement (KORUS):