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Vol 6 · Issue 1· First Quarter 2017     
Message from the Embassy
Greetings friends!
 
Every March, we celebrate the anniversary of the Korea-US Free Trade Agreement (KORUS FTA) and reflect on the ways in which it has deepened the relationship between our countries. Today, though much has changed over the past four years, I remain an ardent supporter of the KORUS FTA for three reasons.
 
First, the KORUS FTA has done its job exceptionally well. Trade between our countries is up since it took effect, even as overall global trade declined. What's more, when we look beyond just the trade in goods and consider the effect the KORUS FTA has had on investment and trade in services, we find that this trade has been balanced. In particular, US trade in services to Korea has been a huge boon for businesses here.
 
Second, it has been good for the American people. Thanks to the KORUS FTA, Korea's average annual investment in the US has more than doubled since it took effect. Today, Korean investment provides more and better paying jobs throughout the country than investment from other countries.  In fact, Korean investment supports over 45,000 workers with an average wage of over $91,000.
 
Finally, the KORUS FTA has bolstered the bilateral relationship between Korea and the United States and provides an environment in which future bilateral cooperation can flourish. Thanks to the KORUS FTA, what began as a security partnership between our countries has blossomed into an all-encompassing friendship. The increase in trade that the agreement brought about has intensified economic cooperation and strengthened people-to-people ties between Koreans and Americans. This will allow our countries to deepen our collaboration in investment, energy, and innovation.  The KORUS FTA's potential to bring our people and our countries even closer together is thus its most significant legacy and the most important reason why I believe it to be such a success.
 
I am deeply proud of the successes the KORUS FTA has brought about over the past four years. And while much work remains, I am resolved to continue working together to strengthen the partnership between Korea and the United States in the future.

Ambassador Ahn Ho-young

Five Years of Success for the KORUS FTA!

On March 15, the Korea-U.S. Free Trade Agreement (KORUS FTA) celebrated its fifth anniversary. Over the past five years, the alliance between our two nations has grown stronger thanks to balanced, bilateral trade, and growing ties between our economies. The KORUS FTA has further opened the Korean market to U.S. goods and services by increasing protections on intellectual property, removing regulations and licensing requirements and reducing or eliminating most tariffs on U.S. products. When the FTA went into force, 80 percent of U.S. exports to Korea of consumer and industrial products became duty free immediately. Today, five years later, nearly 95 percent of bilateral trade in consumer and industrial products are duty free and most remaining tariffs will be eliminated by March 15, 2022. To read more about the 5th anniversary of the KORUS FTA visit our Seoul Source Blog
Recent News
The Hill, March 15, 2017

New Plant for Korean Appliance Giant Bringing Hundreds of Jobs
Nashville Business Journal, February 27, 2017

Clean Technica, February 21, 2017

The Korea Economic Daily, February 2, 2017

The U.S.-Korea Free Trade Agreement (KORUS FTA) is an international partnership designed to promote the free flow of products and services between the United States and Korea. This economic relationship spurs business growth, creates jobs, generates new markets for U.S. goods and services, and strengthens an important strategic alliance. 
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