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FTA Feature

Korea-US FTA

Despite the recent stagnant export, Korea's export to the USA have continuously increased since the Korea-US FTA took effect on March 15, 2012, which has provided South Korea easier access to the world’s largest market that accounts for about 23.3 percent of the world’s total GDP.

South Korea’s FTA Partners

Since the establishment of the FTA Roadmap in 2003, the Republic of Korea (ROK) has actively engaged in FTA negotiations with over 50 countries. So far, FTAs with the USA, Chile, Singapore, EFTA, ASEAN, India and Peru entered into force and the Korea-EU FTA has been provisionally applied since July 1, 2011. The Korea- U.S. FTA was signed in June 2007 followed by an agreement in December 2010. On March 15, 2012, the KORUS (Korea-U.S.) FTA came into effect in both countries.

Strong Leveraging of Korea’s Massive Expansion of Trade Territory into South American Region: S. Korea - Colombia FTA

South Korea’s recent FTA signing with Colombia will help fuel the long-stalled series of FTA drives by Korea into the South American region thus expanding bilateral trade benefits between the two nations.

The KORUS FTA will facilitate the overall growth of local economy

With the long-stalled KORUS FTA now finally ratified, South Korea’s gross domestic product(GDP) is estimated to increase by a maximum of 5.66 percent over the next decade, generating up to 350,000 new jobs. The expected increased exports to the United States are predicted to boost the nation’s yearly trade surplus by an average of $2.78 billion over 15 years after the KORUS FTA takes effect next January.
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