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” If you want to export your product or service, the U.S. may have negotiated favourable treatment through a free trade agreement to make it easier and cheaper for you. Access to the benefits of FTA for your product may require more registration, but can also give your product a competitive advantage over products from other countries. 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). 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” As of January 1, 2015, the United States has established 14 free trade agreements with 20 countries. Jordan Since the implementation of the U.S.-Jordan Free Trade Agreement in December 2001, trade with two retailers between the United States and Jordan has increased by more than 350%, from US$568 million in 2001 to more than $2 billion in 2016. USTR U.S.-Jordan FTA Page” The United States has implemented 14 trade agreements with a total of 20 countries. Panama The U.S.-Panama Trade Promotion Agreement was signed in October 2011 and came into force on October 31, 2012. The United States maintained a consistent trade surplus with Panama under the agreement. In 2016, the United States exported $4.6 billion worth of goods to Panama, while it imported $3056 million in Panamanian products. USTR U.S.-Panama TPA Page – How can U.S. companies identify tariffs on exports to FTA partner countries? 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” Here is a list of free trade agreements to which the United States belongs. In parentheses, the abbreviation, if any, membership, unless indicated in advance, and the date of entry into force. Starting with the Theodore Roosevelt government, the United States has become an important player in international trade, particularly with its neighboring territories in 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] Which countries have a free trade agreement with the United States? A free trade agreement is an agreement between two or more countries, in which countries agree on certain obligations that affect, among other things, trade in goods and services, as well as investor protection and intellectual property rights. For the United States, the primary objective of trade agreements is to remove barriers to U.S. exports, protect U.S. interests abroad, and improve the rule of law in partner countries or countries of the free trade agreement.
Removing trade barriers and creating a more stable and transparent business and investment environment make things easier and less costly for the United States.