As of January 1, 2015, 14 free trade agreements with 20 countries are in effect in the United States. How can U.S. companies determine tariffs on exports to FTA partner countries? Oman Oman was the fifth Middle Eastern country to sign a free trade agreement with the United States and the free trade agreement between the United States and Oman was implemented in January 2009. In 2016, the United States exported $1.2 billion worth of goods to Oman and $882 million in Omani products. USTR Oman FTA Page” Morocco Since the implementation of the free trade agreement between the United States and Morocco in January 2006, the United States has maintained a trade surplus with Morocco. In 2016, U.S. exports to Morocco increased 269 percent to $1.2 billion, while U.S. imports from Morocco were $788 million. USTR US-Morocco FTA Page” Documenting how a product is formed or complying with the rules of origin can make the use of FTA-negotiated tariffs a little more complicated. However, these rules help ensure that U.S. exports, not exports from other countries, benefit from the agreement. Free trade agreements or free trade agreements have many advantages and can sometimes be complex to understand. Find out what a free trade agreement is.
Which countries have agreements with which the United States has agreements? How can your business benefit? What is the impact of free trade agreements on my company`s imports and/or exports? There are 14 U.S. free trade agreements in force with 20 countries: Australia, Bahrain, Chile, Colombia, Israel, Jordan, Korea, Morocco, Oman, Panama, Peru, Singapore; DR-CAFTA (Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua); AND NAFTA (Canada and Mexico). 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” Australia The U.S.-Australia Free Trade Agreement came into force on January 1, 2005. Since then, the United States has maintained a trade surplus of $9.3 billion in 2016. In the same year, the United States exported $16.6 billion worth of goods and imported $7.3 billion in Australian products.
USTR Australia FTA Page” The United States has implemented 14 trade agreements with a total of 20 countries.