The United States is a member of the World Trade Organization (WTO) and the Marrakesh Agreement establishing the World Trade Organization (WTO) contains rules for trade among the 154 members of the WTO. The United States and other WTO members are currently participating in the WTO negotiations on development in Doha and a strong and open Doha agreement on both goods and services would go a long way in managing the global economic crisis and restoring the role of trade in promoting economic growth and development. The United States has free trade agreements with 20 countries. These free trade agreements are based on the WTO agreement, with broader and stronger disciplines than those of the WTO. Many of our free trade agreements are bilateral agreements between two governments. But some, such as the North American Free Trade Agreement and the Dominican Republic-Central America-U.S. Free Trade Agreement, are multilateral agreements between several parties. 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 – On November 18, 2003, the USTR informed the U.S.
Congress of the government`s intention to begin negotiations for a free trade agreement (FTA) with the Republic of Panama. Negotiations began on April 26, 2004 in Panama City. In February 2006, at the request of the Government of Panama, the United States approved a technical review of the U.S. food safety inspection system. On March 30, 2007, the President of the United States sent Congress a Memorandum of Understanding to conclude a free trade agreement with Panama. The free trade agreement was signed on June 28, 2007. USTR is primarily responsible for the management of U.S. trade agreements. These include monitoring the implementation of trade agreements with the United States by our trading partners, the application of U.S. rights under those agreements, and the negotiation and signing of trade agreements that advance the President`s trade policy. Here is a list of the free trade agreements that include the United States. In parentheses, the abbreviation, if any, membership, unless indicated in advance, and the date of entry into force.