Statement of US Ambassador to South Korea, His Excellency Sung Y. Kim.
The United States and the Republic of Korea (ROK) have a vibrant trading relationship – one that accounts for over $100 billion on goods trade annually. The ROK is our seventh largest trading partner, and the United States is South Korea’s third largest trading partner. On March 15, 2012, the U.S.-Korea Free Trade Agreement (KORUS FTA) went into effect, providing a framework for new business opportunities and job creation. Over 85 percent of U.S. exports to the ROK became immediately duty-free, and most remaining tariffs will phase out within ten years. The FTA levels the playing field for the services sector, opening markets and providing for greater transparency, fair treatment, and regulatory predictability. U.S. Embassy Seoul supports U.S. companies doing business in the ROK through advocacy and commercial diplomacy, providing exporters with a wide range of programs and services. In addition, the SelectUSA Initiative provides actionable information and support to Korean firms interested in investing in the United States. The US Embassy is proud to be a part of the dynamic US-Korean economic relationship and we look forward to working with American and Korean firms to strengthen this important link in our multi-faceted bilateral partnership. (Source: Message of the US Ambassador to South Korea – (www.seoul.usembassy.gov/business.html)