US and South Korea Commemorate Trade Agreement’s 10th Anniversary

The United States and South Korea have commemorated the decade-long implementation of the Korea-U.S., or KORUS, free trade agreement (FTA).

South Korean Trade Minister Yeo Han-koo said that South Korea and the United States will still continue to develop and expand their economic cooperation.

KORUS FTA came into force in March 2012 after it was proposed in 2006 and has reportedly made $169.1 billion worth of trade last year.

Overall, the trade between the United States and South Korea has reportedly increased 68 percent over the last decade

“It is a fact that KORUS FTA expanded the size of the trade pipe between our two countries over 70 percent over the past decade, double and triple investment flow in both directions,” said Yeo.

Yeo added that the new US Economic Framework for the Indo-Pacific will flourish through the successful experiences over the last 10 years of KORUS FTA.

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