The United States has also implemented a series of bilateral investment agreements (ILOs) to protect private investment, develop market-based strategies in partner countries and encourage U.S. exports. South Korea 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“ The United States has implemented 14 trade agreements with a total of 20 countries. For two economies of this size with such a high volume of trade, the EU and the United States inevitably face a number of trade disputes that are resolved through the WTO dispute settlement mechanism. There are 14 U.S. free trade agreements in force with 20 countries: Australia, Bahrain, Chile, Colombia, Israel, Jordan, Korea, Morocco, Oman, Panama, Peru, Singapore; DR-CAFTA (Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua); AND NAFTA (Canada and Mexico). Other types of options often found in free trade agreements include: since the implementation of the U.S.-Jordan Free Trade Agreement in December 2001, U.S.-Jordan trade has increased by more than 350%, from $568 million in 2001 to more than $2 billion in 2016. USTR U.S.-Jordan FTA Page“ The United States began negotiating bilateral and multilateral free trade agreements with the following countries and blocs: Peru The U.S.-Peru Trade Promotion Agreement 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 U.S. Free Trade Agreement generally deals with a large number of government activities. An example is the reduction or removal of tariffs for all qualified products from the other country. For example, a country that normally calculates a tariff of 5% of the value of the incoming product removes that tariff for products originating in the United States (as defined in the free trade agreement). 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 member of the World Trade Organization (WTO) and the Marrakesh Agreement establishing the World Trade Organization (WTO Agreement) establishes rules for trade among the 154 wto members. 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. 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.