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USTR: Korea-US FTA dismantles non-tariff barriers to key U.S. exports

All Headlines 05:20 April 01, 2017

WASHINGTON, March 31 (Yonhap) -- The free trade agreement between South Korea and the United States created substantial new market access opportunities for American exports and helped dismantle non-tariff barriers to autos and other key U.S. exports, the U.S. trade representative said.

The USTR made the assessment Friday in its annual report on foreign trade barriers, noting that U.S. goods and services exports have increased overall, with services exports reaching $20.5 billion, up 23.1 percent compared to pre-FTA levels.

"The agreement has brought improvements in the transparency of Korea's regulatory system, strengthened intellectual property protection, helped dismantle non-tariff barriers to autos and other key U.S. exports, and enhanced market access for U.S. exporters of all sizes, including small and medium-sized exporters," the report said.

"KORUS provides meaningful market access commitments across virtually all major services sectors, including improved access for telecommunications and financial services. The agreement also has improved Korea's business environment for U.S. exporters while strengthening and expanding U.S. ties with a key strategic partner in Asia," it said.

Since entering into force in March 2012, the United States and South Korea have carried out six rounds of tariff cuts and eliminations, creating substantial new market access opportunities for U.S. exporters, the USTR said.

A number of U.S. farm exports to Korea have recorded double- and triple-digit gains since the FTA came into effect, although compared to pre-FTA levels, overall U.S. agricultural goods exports to Korea are down by 10.9 percent, it said.

USTR: Korea-US FTA dismantles non-tariff barriers to key U.S. exports - 1

jschang@yna.co.kr
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