Trade Agreements

In February 2006, the United States and South Korean governments announced their intention to negotiate a free trade agreement. South Korea is the U.S.’ seventh largest trading partner and the U.S. is South Korea’s third largest trading partner. In 2006, bilateral trade between the two countries reached $74 billion in goods and $14 billion in services, making the Korea-U.S. Free Trade Agreement (Korus FTA) the second largest trade deal since the North American Free Trade Agreement (NAFTA).