NEW YORK — The benefits and opportunities of the nascent U.S.-South Korea Free Trade Agreement were discussed in detail by officials from both governments at an event sponsored by the Korea Trade-Investment Promotion Agency and the Korean Chamber of Commerce & Industry in the USA.
Ryan Hollowell, international trade specialist at the U.S. Department of Commerce, said, “This agreement is a significant one for U.S. commerce and exports, marking the biggest free-trade agreement since CAFTA. It lowers significant barriers to trade and investment and increases access to the Korean market for U.S. business, and vice versa. As a result of this, the U.S. International Trade Commission estimates that the reduction of tariffs and duty-free status of many product categories alone will add $10 billion to $12 billion annually to the U.S. GDP and around $10 billion in U.S. merchandise exports to Korea.”
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